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Key Points

Industry experts are praising the new GST 2.0 reforms for their focus on consumer affordability. The changes include significant tax reductions on essential goods, medicines, and health insurance premiums. These measures are expected to ease the financial burden on households across India. The reforms also aim to stimulate domestic manufacturing and innovation in sectors like healthcare and nutrition.

Key Points: Industry Experts Hail GST 2.0 Reforms for Easing Daily Life Costs

  • Tax cuts on medicines and medical devices lowered from 18% to 5% for affordability
  • Life-saving drugs and health insurance premiums made fully tax-exempt
  • Simplified rules aim to boost homegrown manufacturing and nutraceutical research
  • Reforms focus on growth while making essentials more accessible for all
2 min read

GST 2.0 reforms not just a policy tweak, it makes daily life easier on pockets: Industry Experts

Industry leaders welcome GST 2.0, citing tax cuts on medicines, essentials, and health insurance that promise significant savings for Indian households.

"It makes daily life a bit easier on the pocket, while also giving a push to homegrown manufacturing - Amaresh Ojha, Trovex.ai"

New Delhi, September 22

The latest GST reforms, rolled out on Monday, are not just a routine policy change but a move that experts say will make daily life easier on the pocket.

Industry leaders have welcomed GST 2.0, highlighting its impact on essential goods, healthcare, and the nutrition sector.

Amaresh Ojha, Co-founder & CEO of Trovex.ai, said the reduction in taxes on essential goods, services, and new technologies is more than just a policy tweak, it signals a clear intent from the government.

"It makes daily life a bit easier on the pocket, while also giving a push to homegrown manufacturing and traditional industries. At the same time, it opens doors for innovation, better healthcare, stronger education, and smoother mobility. Put together, these changes show that India wants a tax system that's simpler, fairer, and focused on growth, with the country's young generation right at the center of this journey," Ojha said.

The healthcare sector is among the biggest beneficiaries of GST 2.0.

Mithun Majumdar, CEO of 750AD Healthcare Pvt. Ltd., noted that reducing GST on most medicines and medical devices from 12-18 per cent to 5 per cent, making 33 life-saving drugs tax-free, and fully exempting life and health insurance premiums will ease the burden on patients.

"The government has taken a bold step toward ensuring affordable healthcare for all. These changes will guarantee wider access to essential care and reinforce India's commitment to health equity. We urge that all stakeholders -- manufacturers, hospitals, pharmacies, insurers -- swiftly translate these policy shifts into real, visible relief at the last mile," Majumdar said.

Suresh Garg, MD & Founder of Zeon Lifesciences Ltd., stressed the positive impact on the nutrition and wellness industry.

"Now, with simpler and fairer rules, lower taxes, manufacturers and CDMO partners like Zeon Lifesciences can spend more time on research, building modern factories, and creating world-class products. It also makes health and nutrition more approachable and accessible for everyone," he said.

Garg added that the government has shown remarkable vision in recognizing the Nutraceutical Industry as a driving force behind a "Healthy India, Wealthy India."

According to experts, GST 2.0 marks a step toward a simpler and fairer tax system that balances growth with affordability.

While businesses stand to benefit from faster expansion, consumers are expected to gain access to affordable products and services.

- ANI

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Reader Comments

R
Rohit P
Good move but implementation is key. Last time GST was introduced, there was so much confusion. Hope the government ensures smooth rollout this time.
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Aman W
As a small business owner, I'm cautiously optimistic. Lower taxes on essential goods should boost consumption. Hope compliance becomes simpler too! 💼
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Sarah B
The focus on healthcare and nutrition is much needed. Tax-free life-saving drugs could be life-changing for many families. Hope insurance companies pass on the benefits quickly.
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Karthik V
While the reforms look good on paper, I'm concerned about the compliance burden on small retailers. The government should provide proper training and support systems.
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Nisha Z
This is exactly what middle-class families needed! Lower taxes on daily essentials will help manage household budgets better. 👏
M
Michael C
The emphasis on homegrown manufacturing is smart policy. Combined with tax benefits, this could really boost Make in India initiatives. Good long-term thinking.

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