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Taxes Imposed On Health Insurance Even Before GST Regime: Sitharaman
The Business Guardian
|August 08, 2024
Both life insurance and medical insurance premiums attract a 18% GST
Instead, she suggested the members to write or take it up to discuss with their respective state's finance minister, so they can subsequently take the matter to the GST Council. States form two-thirds of the GST Council, which is a constitutional body.
Both life insurance and medical insurance premiums attract a GST rate of 18 per cent.
"A lot of members have given us suggestions on GST (on insurance premiums), which certainly I will take to the council, because the ultimate decision is in the council, where states together are two-thirds of the representatives, one-third is all the central government has," she said, speaking during the discussion on Finance Bill 2024-15, which was passed today.
"Tax has been there on medical insurance even before GST was introduced.
This story is from the August 08, 2024 edition of The Business Guardian.
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