- Ministerial panel supports tax relief on term life insurance premiums and health insurance premiums for senior citizens
- GoM on GST rate rationalization agrees to lower rates for items such as packaged water, bicycles, and exercise notebooks
- Shoes priced above Rs 15,000 and wristwatches over Rs 25,000 may move to the top GST slab of 28%
- Adjustment expected to generate Rs 22,000 crore in revenue to offset losses from reduced GST rates
- Likely outcome in insurance sector includes GST exemption on term life insurance premiums for everyone and health insurance premiums for senior citizens
- Final decision to be taken at next GST Council meeting likely in November-December
- Discussions held in meeting indicate most states support exempting term life insurance premiums from GST and providing relief to senior citizens in health insurance coverage
- GST Council previously agreed on reducing tax rate on health and life insurance premiums from 18%, proposal passed on to GoM for further review
- GoM expanded to focus on life and health insurance premium issues, with findings to be submitted by October-end.
Source: swarajyamag.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.
