Quick Summary
The GST Council on Sunday formed a 13-member Group of Ministers (GoM) to recommend changes to the Goods and Services Tax (GST) rates on health and life insurance premiums. Bihar Deputy Chief Minister Samrat Choudhary will lead the panel, which includes members from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, and other states. The panel is expected to submit its report by October 30, 2024. This decision was taken during the 54th GST Council meeting on September 9, where the need to
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FAQ :
The GoM has been formed to review and recommend changes to the Goods and Services Tax (GST) rates currently applied to health and life insurance premiums.
The panel will be led by Bihar Deputy Chief Minister Samrat Choudhary.
Currently, a GST rate of 18% is levied on both health and life insurance premiums.
The Group of Ministers is expected to submit its report by October 30, 2024.
The GoM will review GST rates for various health insurance types (individual, group, family floater, senior citizens, mental illness) and life insurance products (term insurance, investment plans, reinsurance).
A final decision on the revised GST rates is expected in the next GST Council meeting, scheduled for November, after the GoM submits its recommendations.
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