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The Goods and Services Tax (GST) revenue from healthcare and life insurance services surged to ₹16,398 crore in FY24, according to Minister of State for Finance, Pankaj Chaudhary, in a statement to the Lok Sabha. This included ₹8,135 crore from life insurance services and ₹8,263 crore from healthcare insurance. An additional ₹2,045 crore was generated from reinsurance services, comprising ₹561 crore from life insurance reinsurance and ₹1,484 crore from healthcare reinsurance. Comparing FY23 a
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FAQ :
In FY24, GST collections from healthcare and life insurance services amounted to £16,398 crore.
In FY24, £8,135 crore was collected from life insurance services and £8,263 crore from healthcare insurance services.
The standard GST rate on health insurance services is 18%. However, specific schemes aimed at economically weaker sections and differently-abled individuals are exempt.
The GST Council has deliberated on requests to exempt or reduce GST on health and life insurance, and a Group of Ministers (GoM) has been formed to evaluate these issues. Their recommendations will be reviewed by the GST Council.
The GST Council is scheduled to meet on December 21, 2024, where it is anticipated to review the GoM's recommendations on GST rates for insurance services.
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