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Today is Monday 9th September, so an important meeting of the GST Council is to be held today. Important issues will be discussed in this meeting. This also includes the GST tax imposed on insurance premium. GST on health insurance will be reduced or abolished. If this happens, the common people will get great relief.
Possibility of discount on term insurance
According to the information, in this GST Council, the government can allow exemption of term life insurance policies from GST. For the last few days, the demand to remove insurance policies from GST is increasing. Currently, 18% GST is levied on term insurance plans.
In this meeting, under the leadership of Union Finance Minister Nirmala Sitharaman, it will be decided whether the current 18 percent tax on health insurance can be reduced or special concessions can be given to senior citizens like some categories. The issue of reduction in GST rate on life insurance premium will also be discussed.
Decision may come on gaming
A status report will be submitted by the central and state tax authorities on online gaming, detailing the GST revenue before and after October 1, 2023. 28% GST imposed on online gaming, casinos and horse racing from October 1, 2023. This 28% GST is mandatory for all online gaming platforms.
The government benefits
Earlier, many online gaming companies did not pay 28% GST as they believed that skill-based and chance-based games should have different tax rates. However, the GST Council in its August 2023 meeting clarified that 28% GST will be applicable on all online gaming platforms. The government has projected a GST collection of Rs. 1.75 lakh crore in August 2024, which is 10% higher than last year.