GST Council Initiates Review of Health, Life Insurance Tax Rates; GoM to Submit Report by Oct 30
GST Council Meeting 2024: The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rates on premiums of various health and life insurance products and submit its report by October 30.
The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of Goods and Services Tax (GST) on life and medical insurance. A final call by the Council on the taxation of insurance premiums is likely to be taken in the next meeting in November based on the GoM report.
Currently, 18% of GST is levied on insurance premiums.
Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM.
The members of the panel include members from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana.
