Quick Summary
In the fiscal year 2023-24, the Indian government has collected Rs 8,263 crore as GST on health insurance premiums, as informed by the Minister of State for Finance, Pankaj Chaudhary, in Parliament on Monday. Key Highlights GST Collection Breakdown Health insurance premium: Rs 8,262.94 crore Health reinsurance premium: Rs 1,484.36 crore Year-on-Year Comparison 2022-23: Rs 7,638 crore from health insurance premiums, Rs 963 crore from health reinsurance premiums. 2021-22: Rs 5,354 c
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The Indian government collected Rs 8,263 crore in GST on health insurance premiums during the fiscal year 2023-24.
A standard GST rate of 18% is levied on health insurance premiums.
Yes, exemptions are provided for specific schemes aimed at underprivileged and differently-abled individuals, such as RSBY and the Niramaya Health Insurance Scheme.
Yes, GST collections on health insurance premiums have shown a steady increase, rising from Rs 5,354 crore in FY 2021-22 to Rs 8,263 crore in FY 2023-24.
Industry stakeholders have requested an exemption or a reduction in GST rates on life and health insurance premiums.
Any decisions regarding changes to GST rates or exemptions are made based on the recommendations of the GST Council.
CAclubindia
