India, Aug. 25 -- In what could mark one of the most significant tax reforms since the rollout of the Goods and Services Tax (GST) in 2017, the government is considering sweeping changes across multiple sectors. According to official sources, the proposed revisions are aimed at easing consumer burden, boosting demand, and streamlining the tax structure.

Healthcare is set to become more affordable with sharp GST cuts on insurance and medical equipment. Currently, health and life insurance premiums attract 18% GST, but under the proposal, these could drop to 5% or even NIL. Medical equipment, which is taxed at 12%, may be reduced to 5%, offering relief to hospitals and patients alike.

The auto sector, a key driver of the economy, could wi...