look news india
insurance policy: Crores of insurance policy buyers of the country are going to get a big relief. In fact, in today's meeting of the GST Council, a consensus has been reached on reducing the GST rate on health insurance and life insurance premium from the current 18 percent.
The Fitment Committee of central and state tax officials on harmonisation of tax rates submitted a report to the GST Council on Monday, sources said.
The decision will be taken in the next meeting
A source said, there is a broad consensus on reducing the GST rate on health and life insurance, but its modalities will be decided in the next meeting of the Council. The 54th meeting of the GST Council is going on in Delhi under the chairmanship of Union Finance Minister Nirmala Sitharaman and in the presence of state ministers. This is the apex decision-making body on GST related matters.
In the financial year 2023-24, the Center and the states collected Rs 8,262.94 crore through GST on health insurance premium, while Rs 1,484.36 crore was collected as GST on health reinsurance premium. The issue of tax on insurance premium came up during the discussion in Parliament.