look news india
GST Council Meetings: The 55th meeting of the GST Council is scheduled to be held on 21 December 2024 in Jaisalmer, Rajasthan, in which important decisions are likely to be taken. Along with Union Finance Minister Nirmala Sitharaman, finance ministers of the states will also participate in this meeting. Earlier this meeting was likely to be held in November, but now it will be held in December.
In this meeting of the GST Council, the Finance Ministers of the states will also present their suggestions related to the budget of the next financial year, which will be presented in the Parliament on 1 February 2025.
Possibility of change in term life insurance
This meeting is expected to fulfill a very important and long standing demand. In which there has been a demand to remove GST or give exemption on term and life insurance policy premium. The committee of ministers of the states has submitted the report in this matter. Earlier, the committee had agreed to exclude health and life insurance from GST in October, 2024. Apart from this, the provision of exemption in GST on health insurance premium of senior citizens can also be implemented.
Discount on health insurance premium
In the meeting, experts are talking about the possibility of giving relief in GST on health insurance premium up to Rs 5 lakh. The GST Council can take corrective decisions to promote the health and life insurance market.
Demand for review of GST slab
Tax is levied in the country under four main slabs of GST (5%, 12%, 18% and 28%). A lower GST rate or exemption applies to essential goods, while a higher GST is imposed on luxury goods. However, according to recent data, the average GST rate has come down to 15.3%, which has increased the demand for change in the rates. There is a demand for tax reduction especially on those items which are used more by the common people.