Key Points

Speaking at a Press conference at the BJP state office in Bengaluru, Surya recalled that last month, on Independence Day, Prime Minister Narendra Modi had promised from the ramparts of the iconic Red Fort to bring sweeping changes in GST. He had promised reforms that would benefit the poor, common people, farmers, self-employed small entrepreneurs, MSMEs, and especially the youth of the country.

The 56th GST Council meeting, held on Wednesday evening, concluded with the Union Finance Minister announcing historic reforms in the GST system, Surya stated.

"These reforms are truly historic and have been done keeping in mind the most vulnerable, most important common man of the country. Personally, for me, the zero GST on education related goods, zero GST on maximum cancer and life saving drugs, only 5 per cent GST on all medicines, only 5 per cent GST on all agricultural equipment, and 0 per cent GST on medical and life insurance are highlights," he stated.

"I have earlier also spoken in Parliament about the importance of financial education and adoption of universalisation of medical and health insurance and life insurance. I want to again appeal to the public to please take for yourself and your family medical insurance. We are one of the very few countries in the world today which has a zero per cent GST, zero per cent taxation on medical and life insurance. Please do it to protect yourself and your family," he appealed.

Surya said that in line with the Prime Minister’s vision, the GST Council meeting, chaired by the Union Finance Minister with the participation of all states, unanimously approved the new GST slabs — marking a major reform.

He stated that the changes were aimed at making trade and business easier and more efficient. Redundancies have been removed, and MSMEs, including companies and factories in the small and medium enterprise sector, will gain significant support.

“This reform will bring a major change in the country’s manufacturing sector,” he expressed with confidence.

"Prime Minister Narendra Modi has ushered in truly historic and truly meaningful reforms in the GST regime. Three important issues are addressed. One, the complexity of filings and the complexity of compliance has been thoroughly addressed, greatly benefiting MSMEs, small businesses in truly ushering in an era of ease of doing business.

"Second, by rationalising four slabs and having only two slabs and bringing 90 per cent of goods and services in the 5 per cent bracket, a huge stimulus has been given to the economy, and by focussing on important sectors like education, health, critical areas like insurance and daily essentials and agricultural goods. The most vulnerable sectors, or rather important sectors of the economy and productivity, like education, healthcare, youth, students and homemakers, have been thoroughly addressed," he underlined.

Third, by rationalising the tax slabs, the entire economy has been given a new push. This is going to increase consumption, naturally leading to more production in the factories and local institutions and MSMEs, which will naturally translate into more jobs and more buoyancy in the economy, he stated.

Bengaluru South District BJP President and MLA C.K. Ramamurthy and MLC K.S. Naveen were also present at the press conference.

- IANS