Diwali gift GST reduction, health insurance tax changes, electronics tax cuts
BIG BREAKING news MASSIVE DIWALI GIFT for Indians by Modi Govt
Daily essentials down from 18%/12% to 5%
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Life & Health Insurance from 18% to 0% GST.
Education items like books, maps, pencils → 0% GST
Electronics (ACs, TVs, washing machines, Projectors) 28% → 18%… pic.twitter.com/NwyMBjpxW5
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BIG BREAKING NEWS MASSIVE DIWALI GIFT for Indians by Modi Govt
In an exciting announcement that many are calling a massive Diwali gift, the Modi government has made significant changes to GST rates that will benefit millions of Indians. Starting now, daily essentials will see a reduced GST rate, dropping from 18% or 12% down to just 5%. This change is set to make basic necessities more affordable for households across the country.
Life & Health Insurance from 18% to 0% GST
One of the most remarkable shifts is in the realm of life and health insurance. The GST on these vital services has been slashed from 18% to an unprecedented 0%. This move aims to make insurance more accessible to the average citizen, encouraging more people to invest in their health and future.
Education items like books, maps, pencils → 0% GST
Education is a priority for the government, and this announcement reinforces that commitment. Educational materials such as books, maps, and pencils will now carry a 0% GST. This is fantastic news for students and parents, as it significantly reduces the financial burden associated with educational expenses.
Electronics (ACs, TVs, washing machines, Projectors) 28% → 18%
Additionally, the GST rate for electronics has been lowered from 28% to 18%. This reduction applies to a wide range of products including air conditioners, televisions, washing machines, and projectors. Consumers can now enjoy these essential items at a more reasonable price, just in time for the festive season.
These changes are expected to stimulate spending and improve the overall economic landscape in India. It’s a win-win for consumers and the economy alike. For further details, you can check the official announcement on Twitter.