- Proposal to reduce GST on health and life insurance premiums sent to GST rationalisation committee
- Proposal entails 5% GST on premiums, lower than current 18% rate
- Committee not in favor of exempting GST on premiums
- Shares of insurance companies reacted positively to the news
- GST rate rationalisation committee to meet on August 22
- Minister Nitin Gadkari proposed to withdraw 18% GST on insurance premiums
- Government collected nearly ₹24,000 crore as GST from health and life insurance segment in last three years
- Finance Minister Nirmala Sitharaman considering suggestions to reduce GST on premiums
- Former minister Jayant Sinha supports eliminating GST on life and health insurance as necessities for modern living.
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
