The Goods and Services Tax (GST) adjustments have caused ripples across key sectors in India. From Deepavali cheer for car buyers to headwinds for airlines,
let's unpack the implications.
Auto Sector Booms
The automobile sector is experiencing a boost thanks to GST cuts across different segments, bringing Deepavali cheer to Indian car buyers. These changes are set to make vehicles more affordable, likely driving sales and giving the sector a significant lift in the market.
Pharma Industry Wins
The pharmaceutical industry also stands to benefit from the GST adjustments. With the elimination of GST on insurance, there is a strong expectation that this will lead to a greater number of people getting insurance coverage. This development could also lead to better healthcare access.
Airlines Face Headwinds
However, the airline sector is feeling the pinch. The increase in GST on premium air travel has drawn criticism. The International Air Transport Association (IATA) has expressed disappointment, suggesting the changes will likely impact ticket prices and possibly travel demand.
Insurance Sees Growth
The zero GST on insurance is expected to boost the insurance sector. This change should make insurance policies more accessible and affordable. It opens avenues for enhanced financial security and a greater safety net for the Indian populace. This is a welcome move!
