Budget 2024: Senior Citizens Expect Lower GST Slab

For the budget 2024, the senior citizens raised their concerns to lower GST slabs and to consider prioritizing the healthcare and pension scheme.
Budget 2024 - Senior Citizens Tax Benefits - GST Slab - GST Reduction Expectations - Tax Reforms for senior citizens - Taxscan

There are 149 million persons aged 60 years and above in 2022 (as of 1 July), comprising around 10.5% of the country’s population. And, by 2050, this population will double to 20.8%, with the absolute number at 347 million. A report stated that by the end of the century, the elderly will constitute over 36% of the total population of the country.

The senior citizens suggested that the government should consider exempting essential items like adult diapers and wheelchairs from GST or placing them in lower GST rate slabs and supported tax-free investment options and financial security measures exclusively designed for older individuals.

It was also stated that the government should allocate provisions in the upcoming budget to supply monthly nutri-kits to elderly individuals from Below Poverty Line (BPL) families.

Specifically, there was an urge to increase the Central government’s share in the monthly old-age pension to Rs. 5000 per month for every elderly person, with a corresponding adjustment for the state government’s share.

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