The Goods and Services Tax (GST) Council in its meeting on Monday is likely to decide on four options regarding tax treatment of health insurance, with the cost to the exchequer potentially ranging from nearly ₹650 crore to ₹3,500 crore.
These four options have emerged from a detailed analysis by the Council's fitment panel, which includes revenue officials from both central and state governments, and follow a request from the Department of Financial Services (DFS) to reduce taxes on health insurance products to make them more affordable and accessible.
The fitment panel is expected to submit before the Council a detailed report outlining these options, which include a full exemption for all health insurance premiums and reinsurance, or a reduction in the GST rate from 18 per cent to 5 per cent on health insurance services, according to officials in the know.
Bu hikaye Business Standard dergisinin September 06, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin September 06, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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