The Goods and Services Tax Council on Monday formed a group of ministers to examine the GST rate on health insurance policy in detail, ANI reported quoting sources.
This comes after reports that the council was likely to offer substantial relief to individuals and senior citizens by reducing the GST rate on health insurance premiums. At present, premiums for both health and life insurance policies are subject to an 18% GST.
The council reviewed a report from the fitment committee concerning the taxation of life and health insurance premiums.
In the fiscal year 2023-24, the Centre and states collected Rs 8,262.94 crore in GST from health insurance premiums, and Rs 1,484.36 crore from GST on health reinsurance premiums.
The 54th GST council meet began on Monday at Sushma Swaraj Bhawan in New Delhi. It is being chaired by Union finance minister Nirmala Sitharaman.
“Union Finance Minister @nsitharaman chairs the 54th meeting of the GST Council, at Sushma Swaraj Bhawan, in New Delhi, today. Along with the Union Finance Minister, Union Minister of State for Finance @mppchaudhary ; Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana; besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting,” Sitharaman said in a post on X.
This comes after reports that the council was likely to offer substantial relief to individuals and senior citizens by reducing the GST rate on health insurance premiums. At present, premiums for both health and life insurance policies are subject to an 18% GST.
The council reviewed a report from the fitment committee concerning the taxation of life and health insurance premiums.
In the fiscal year 2023-24, the Centre and states collected Rs 8,262.94 crore in GST from health insurance premiums, and Rs 1,484.36 crore from GST on health reinsurance premiums.
The 54th GST council meet began on Monday at Sushma Swaraj Bhawan in New Delhi. It is being chaired by Union finance minister Nirmala Sitharaman.
“Union Finance Minister @nsitharaman chairs the 54th meeting of the GST Council, at Sushma Swaraj Bhawan, in New Delhi, today. Along with the Union Finance Minister, Union Minister of State for Finance @mppchaudhary ; Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana; besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting,” Sitharaman said in a post on X.
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