Tag: gst on life insurance

GST in Media

GST reduction on health insurance, life insurance: Will GST on insurance be reduced to zero for all?

byAdmin

A group of ministers (GoM) tasked by the Goods and Services Tax (GST) Council to oversee rate rationalisation, is considering lowering the GST on premiums paid for life and health insurance policies. This potential reduction could offer a good financial relief to individuals and families having insurance coverage. “Every GoM member wants to give relief to people. The special focus will be on senior citizens. We will submit a report to the council. A final decision will be taken by the council,” says Samrat Chaudhary, deputy chief minister of Bihar, and convenor of GoMs.

GST in Media

GoM on GST on health, life insurance premium to meet on Oct 19

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The ministerial panel to decide on lowering GST on health and life insurance premiums will have its first meeting on October 19, officials said. Currently, 18 percent GST is levied on insurance premiums and there have been demands to either exempt or reduce the tax. The GST Council in its meeting earlier this month decided to set up a 13 member GoM to decide on tax on health and life insurance premiums.