GST: GoM to discuss life & health insurance premiums in Goa on Sept 25
The much-talked-about GST Council-nominated group of ministers (GoM) on rate rationalisation is set to meet on September 25 in Goa to discuss the way forward on GST rates and several issues, including the treatment of GST on health and life insurance premiums.
The GoM’s report will be crucial in setting the agenda for the upcoming 55th GST Council meeting, likely to take place in November 2024. The GoM on ‘Rate Rationalisation,’ headed by Samrat Choudhary, Deputy Chief Minister of Bihar, has a full agenda for detailed discussions.
Sources indicate that the GoM meeting will address several pressing points and priority areas highlighted in previous GoM meetings. The 54th GST Council, held in New Delhi on September 9, tasked the GoM with returning with more detailed deliberations.
Some top agenda items include whether there should be an exemption or reduction in GST rates on health and life insurance premiums. This proposal was discussed in the 54th meeting, leading to the creation of an expanded GoM to assess the impact and need and to determine appropriate GST rates for these services. This will be the primary agenda for the GoM.
