Are GST Reforms Truly Historic and Focused on the Vulnerable?

Bengaluru, Sep 4 (NationPress) BJP Yuva Morcha National President and MP Tejasvi Surya stated on Thursday that the GST reforms are indeed historic, designed with the most vulnerable and the common man in mind.

During a press conference at the BJP state office in Bengaluru, Surya recalled that last month, on Independence Day, Prime Minister Narendra Modi had pledged sweeping changes to GST from the historic Red Fort, aiming at reforms that would benefit the poor, farmers, self-employed small entrepreneurs, MSMEs, and especially the youth of the nation.

The recent 56th GST Council meeting concluded with the Union Finance Minister announcing historic reforms in the GST framework, as highlighted by Surya.

Surya emphasized, "These reforms are truly historic and have been crafted with the most vulnerable and the common man in focus. Personally, I find the zero GST on education-related goods, zero GST on numerous cancer and life-saving medications, only 5% GST on all medicines, and 0% GST on medical and life insurance particularly noteworthy."

He reiterated his earlier statements in Parliament about the necessity of financial education and the universal adoption of medical and health insurance. Surya urged the public to secure medical insurance for themselves and their families, noting, "We are among the few countries worldwide that have a zero GST and zero taxation on medical and life insurance. Please consider this for your protection and that of your family."

Surya mentioned that in alignment with the Prime Minister's vision, the GST Council meeting, led by the Union Finance Minister with participation from all states, unanimously approved the new GST slabs—marking a significant reform.

He indicated that these changes aim to simplify trade and business operations. Redundant processes have been eliminated, and MSMEs, including small and medium enterprises, will receive substantial support.

“This reform is poised to bring about a significant transformation in the country’s manufacturing sector,” he expressed with confidence.

“Prime Minister Modi has initiated genuinely historic and meaningful reforms in the GST structure. Three key issues have been addressed: the complexity of filings and compliance has been significantly simplified, benefiting MSMEs and small businesses, thus ushering in an era of ease of doing business.

“Secondly, by rationalizing four slabs into only two and categorizing 90% of goods and services into the 5% bracket, a substantial stimulus has been provided to the economy, focusing on crucial sectors like education, health, essential goods, and agriculture. The most vulnerable sectors, including education, healthcare, youth, students, and homemakers, have been thoroughly prioritized,” he highlighted.

“Thirdly, this rationalization of tax slabs offers a new impetus to the entire economy, which is expected to boost consumption, consequently leading to increased production in factories and local institutions. This will inevitably result in more jobs and enhanced economic buoyancy,” he remarked.

Bengaluru South District BJP President and MLA C.K. Ramamurthy, along with MLC K.S. Naveen, were also in attendance at the press conference.