Quick Summary
The Centre has proposed to exempt individual life and health insurance policies from GST. Currently, insurance premiums attract 18% GST, making policies costlier for individuals. Bihar Deputy Chief Minister Samrat Choudhary, who also convenes the Group of Ministers (GoM) on insurance, confirmed the development on Wednesday. "The Centre's proposal is clear that individual insurance policies should be exempt from GST. This has been discussed and the GoM report will be presented to the Council," h
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FAQ :
The Centre has proposed to exempt individual life and health insurance policies from Goods and Services Tax (GST).
Currently, insurance premiums attract an 18% GST.
Bihar Deputy Chief Minister Samrat Choudhary, who convenes the Group of Ministers (GoM) on insurance, confirmed the development.
The final decision will be made by the GST Council.
Industry experts believe the move could make insurance more affordable for individuals and significantly boost insurance penetration in India.
GST collections on health insurance premiums amounted to Rs 8,262.94 crore in FY 2023-24.
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