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In response to a query in the Lok Sabha, the Ministry of Finance clarified that the Government has not yet taken a final decision on reducing the GST on Life Insurance Corporation (LIC) premiums. However, the issue is under active consideration by a Group of Ministers (GoM) constituted to evaluate GST on life and health insurance comprehensively. The issue was first placed before the GST Council during its 54th meeting held on September 9, 2024, in New Delhi. Following in-depth deliberations, t
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FAQ :
No, the Government has not yet made a final decision to reduce the GST on LIC premiums.
A Group of Ministers (GoM), chaired by Shri Samrat Choudhary, Deputy Chief Minister of Bihar, is comprehensively evaluating GST on life and health insurance.
The issue was first placed before the GST Council during its 54th meeting on September 9, 2024.
The GoM has requested additional time to finalize its recommendations on the GST review for life and health insurance.
Currently, most traditional LIC policies attract an 18% GST.
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