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GST Council may lower tax rate on insurance premium
The Morning Standard
|December 19, 2024
THE 55th GST Council meeting in Jaisalmer is likely to take a decision on tax rate on insurance premium, as per finance ministry sources.
The GoM constituted on the issue had recommended complete waiver of GST on insurance for health insurance policies that provide a cover up to ₹5 lakh against the current rate of 18%. On all other policies, premium paid would continue to be taxed at 18%.
The Group of Ministers (GoM) constituted under Bihar deputy chief minister Samrat Choudhary has recommended complete waiver of GST on health insurance premium for senior citizens.
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