Quick Summary
With the end of the year approaching, the GST Council may soon bring significant relief to policyholders of life and health insurance. As per recent reports, the council is set to meet in December to discuss a report from the Group of Ministers (GoM) on rationalizing GST rates on insurance premiums, potentially leading to reduced tax burdens for policyholders. According to sources, the council's meeting is expected post-elections in Maharashtra and Jharkhand, where it will review the GoM's reco
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FAQ :
The GST Council is expected to meet in December to discuss the matter.
The council will discuss a report from the Group of Ministers (GoM) on rationalising GST rates on life and health insurance premiums, with the aim of potentially reducing tax burdens.
The GoM has proposed a full GST exemption on pure-term life insurance premiums and GST exemptions on health insurance for senior citizens, as well as for non-senior citizens on policies with coverage up to ₹5 lakh.
Currently, insurance premiums are taxed at an 18% GST rate.
The proposed changes could lead to an annual revenue implication of approximately ₹213 crore for life insurance and ₹2,100 crore for health insurance due to reduced GST on premiums.
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