The Goods and Services Tax (GST) Council will address the possibility of reducing the GST rate on health and life insurance premiums at its next meeting in November. The issue, raised by Opposition parties during the recent Parliament session, has gained considerable attention due to its potential impact on insurance policyholders across the country.
Briefing reporters after the 54th meeting of the GST Council, Sitharaman said the Council has decided to set up two new Groups of Ministers (GoM) one on medical and health insurance and the other on compensation cess. The GoM will also explore related issues, such as GST levied on policies bought by resident welfare associations.
"There appears to be a broad consensus among the states to reduce the current 18 per cent GST on insurance premiums. A Group of Ministers, headed by Bihar Deputy Chief Minister Samrat Choudhary, has been tasked with submitting a report by the end of next month," Sitharaman stated.
The GST Council will make a final decision on the matter after the GoM's recommendations are submitted. The GoM on compensation cess would suggest to the Council how to go about the GST compensation cess, which is levied on luxury, sin and demerit goods, once the loans taken to meet the shortfall in revenue of states during Covid-affected years are repaid.
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