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States are expected to move ahead with resolving the complaint of high GST on health and life insurance but fear that insurers may not pass on the benefit of lower levy to consumers in the absence of an anti-profiteering body.
Before the crucial Goods and Services Tax (GST) council meeting scheduled for September 9th, the reconstituted Group of Ministers on GST for rate rationalisation met for the first time on Thursday.
FM on Thursday asked Members of Parliament to take the lead in exempting medical and life insurance from the Goods and Services Tax by asking their respective state finance ministers to take up the matter in the GST Council, and also hinted at more income-tax reforms aimed at benefiting the middle class by the next budget.
“Several suggestions have come up and I shall take up with the GST Council,” Sitharaman said on the withdrawal of 18% goods and services tax (GST) on life and health insurance premiums
Goods and services tax authorities have sent notices to more than 20 general insurance companies with operations in special economic zones (SEZs), demanding about ₹2,000 crore in unpaid GST over services provided to employees of industrial units at SEZs and their families.
Ahead of the Union Budget, the general insurance sector has received a bumper relief amounting to over Rs 18,000 crore with the GST Council dropping the tax demand that the insurers had been slapped with.
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