The all-powerful Goods and Services Tax (GST) Council, during its meeting on Monday, made several key decisions that include establishing a state panel to examine the future of the compensation cess, proposing the treatment of cess collections post-loan repayment, expanding the existing state panel on rate rationalisation to address issues related to life and health insurance, and providing relief to foreign airlines.
The Council also decided to review the integrated GST through a panel of secretaries headed by the additional secretary of revenue.
"We have told them that the Group of Ministers (GoM) on insurance will look into this matter and submit a report by the end of October. The GST Council will finalise decisions based on this report in its November meeting," said Finance Minister (FM) Nirmala Sitharaman while briefing the media after the Council meeting.
Punjab FM Harpal Singh Cheema mentioned that there was "near consensus" on fully exempting life and health insurance premiums from GST. However, it was decided to refer the matter to the expanded GoM on rate rejig.
Delhi Minister Atishi advocated for a reduction in GST on health insurance. There is consensus among states on the need to cut GST on health insurance, but further discussions are required. The decision on lowering GST on health insurance has been deferred. Regarding the compensation cess, Sitharaman explained that it was legally extended only until March 2026.
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