Insurance's Price Drop
One major change under GST was the exemption of health insurance. This resulted in a reduction in the cost of premiums, making healthcare more accessible.
Families across India found it easier to secure their health without the burden of additional taxes, a welcome relief.
Tax Reform Benefit
The introduction of GST consolidated various indirect taxes, streamlining the process. This simplification, in turn, led to cost reductions in specific areas. The impact of GST was a crucial step toward economic reform, with effects still observed today.
Economic Landscape Shift
The GST reform aimed to create a unified market, removing cascading tax effects. This meant lower prices in some sectors. The objective was to simplify the tax structure and benefit both consumers and businesses across the nation.
