Quick Summary
The Group of Ministers (GoM) on Life and Health Insurance, chaired by Bihar Deputy Chief Minister Samrat Choudhary, met on Wednesday to deliberate on the Union government's proposal to reduce GST on individual life and health insurance policies. The GoM broadly agreed that easing the GST burden is crucial to making insurance more affordable for individuals. Most states extended support for exemptions on individual policies, noting that the Union's proposal aligns with recommendations made earli
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FAQ :
The GoM met to discuss the Union government's proposal to reduce GST on individual life and health insurance policies.
The GoM broadly agreed that reducing the GST burden is important for making insurance more affordable for individuals.
States including Karnataka, West Bengal, Kerala, Punjab, and Tamil Nadu raised concerns about ensuring policyholders receive the benefits.
Their main concern is ensuring that insurance companies pass on the GST relief to customers and do not retain the gains themselves.
The proposal could have a significant revenue impact, estimated at approximately ₹9,900 crore annually.
The GoM recommended that the final decision be made by the GST Council after considering all formal submissions from the states.
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