look news india
GST News: Health and life insurance holders can get relief from expensive policies by December. There are preparations to reduce GST rates on health and life insurance policies in the GST Council meeting to be held in November. A Group of Ministers will meet on October 19 to discuss this in detail. On the other hand, changes in GST slab related to other goods are also being considered. GST rate on many items can be reduced from 12 to 5 percent.
No consensus could be reached in the last meeting
The Group of Ministers is considering two matters related to GST. One of these cases is of 18 percent GST on health and life insurance premium, on which all the opposition parties including Union Road Transport Minister Nitin Gadkari had objected. No consensus could be reached in the last meeting of the Council on reducing GST rates, after which the matter was sent to the Group of Ministers.
Now the 13-member Group of Ministers will consider this.
The 13-member group of ministers formed to give a clear report in this matter will now consider. The convenor of the group is Bihar Deputy Chief Minister Samrat Chaudhary. It is possible that in the meeting on October 19, a consensus may be reached on imposing 5% GST. The group will submit its report to the GST Council by October 30. After that a decision will be taken in the November meeting.
Efforts to improve GST rates also intensified
The Group of Ministers is also working towards rationalizing GST rates, whose meeting is scheduled to be held on October 20. In this meeting, GST rate on many items can be reduced from 12% to 5%. It is expected that GST rate can be reduced on many important items including two-wheelers, bottled water. GST rate can be reduced on about 100 such items, while GST rate can also be increased on some items.