In a major move ahead of Diwali, the Indian government has announced significant changes in the Goods and Services Tax (GST) structure, aimed at reducing the cost of everyday essentials. Items that earlier attracted 12% GST will now fall under the 5% bracket, while some goods taxed at 18% have also been brought down to 5%. In addition, certain categories have been completely exempted.This decision is expected to bring direct relief to households across the country. Experts estimate that a family spending around ₹1,000 per month on essential items could now save anywhere between ₹100 and ₹500. Such savings are expected to increase purchasing power and encourage more spending on other needs, thereby boosting the domestic economy.The government has also reduced GST on insurance premiums, ensuring policyholders pay only the base premium without additional tax burdens. For example, a ₹1,000 premium which earlier cost ₹1,180 will now remain ₹1,000, resulting in an annual saving of ₹1,800.According to officials, the step is intended to protect India’s economy from global uncertainty, rising tariffs, and inflation. The new GST rates will take effect from September 22, coinciding with the first day of Navratri.
Big Relief Before Diwali: Govt Cuts GST Slabs To Make Daily Essentials Cheaper For Common Man
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