Tamil Nadu Embraces GST Reforms: A Boost for Economy and Trade

The Tamil Nadu government and opposition AIADMK have welcomed the Centre's GST rate rationalisation reforms, which include exemptions for individual life and health insurance services. State Finance Minister Thangam Thennarasu praised the GST Council's decisions, suggesting amendments to continue revenue protection. AIADMK hailed the reforms for simplicity and growth.

The Tamil Nadu government, along with opposition party AIADMK, has thrown its support behind the Centre's recent Goods and Services Tax (GST) rate rationalisation reforms. These reforms are designed to exempt individual life and health insurance services, a move that has been lauded as historic by many political observers.

Despite expressing concerns regarding state revenue protection, Tamil Nadu's Finance Minister, Thangam Thennarasu, advocated for constitutional amendments or increasing tax rates solely for luxury goods to safeguard financial interests. During the 56th GST council meeting, Thennarasu called for full implementation of the Committee of Officers' recommendations on Integrated GST Settlement.

AIADMK leader Edappadi K Palaniswami hailed the reforms as a step towards simplification and economic growth, praising the leadership of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. BJP spokesperson Narayanan Thirupathy echoed these sentiments, highlighting the benefits for the common man and increased economic productivity.

(With inputs from agencies.)