Quick Summary
The upcoming GST Council meeting in Rajasthan on December 21-22, 2024, may bring potential tax relief for insurance policyholders. According to a report, the Council is expected to evaluate proposals to eliminate the 18% GST on term and health insurance premiums, particularly targeting relief for senior citizens and policies up to Rs 5 lakh. This anticipated change aligns with efforts to make essential health services more affordable, especially for older citizens who are more likely to require
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FAQ :
The GST Council is scheduled to discuss potential tax relief on insurance premiums during its meeting on December 21-22, 2024.
The proposals being evaluated focus on providing tax relief for term insurance and health insurance premiums.
The proposed tax relief is particularly targeted towards senior citizens and policies with premiums up to Rs 5 lakh.
Currently, health insurance premiums are subject to an 18% GST.
No, some states have expressed caution regarding a reduction in the GST rate due to potential impacts on revenue.
Health insurance premiums currently generate approximately Rs 2,500 crore annually in GST revenue.
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