The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said.
Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications.
The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on health insurance from the current 18 per cent or exempt certain categories of individuals, like senior citizens.
The deliberations will also happen with regard to the goods and services tax (GST) cut on life insurance premium.
In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health insurance premium, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue.
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