Quick Summary
The recommendations of the Group of Ministers (GoM), tasked with examining GST issues related to life and health insurance, will be reviewed by the GST Council once submitted, Parliament was informed on Monday. The matter of reducing or exempting GST on these insurance categories was deliberated du
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FAQ :
The GST Council will review the report and recommendations from the Group of Ministers (GoM) regarding GST issues for health and life insurance.
The GoM was formed following the 54th GST Council meeting on September 9, 2024, to address GST on life and health insurance.
The GoM is chaired by Bihar Deputy Chief Minister Samrat Chaudhary.
Currently, GST on health and pure term life insurance services is charged at the standard rate of 18%.
In fiscal year 2023-24, GST revenue from health insurance services was ₹8,263 crore, and from life insurance services, it was ₹8,135 crore.
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