GST rate review on Life and Health Insurance
In this article you can find out how the Insurance Council has looked at GST Rate Review on Life Health Insurance.
As you may know, the current life and health insurance tax rate is 18%. This article suggests a new tax change might come in a few months because the GoM has formed to review and lower the GST rate on life and health insurance premiums.
OFFICE OF THE GOODS AND SERVICES TAX COUNCIL SECRETARIAT has formed a GoM (Group of Ministers) on Life and Health Insurance to review the GST Tax rate on Life Insurance and Health Insurance products.
Currently, the GST levied on Life and Health Insurance is 18%. Many state governments have opposed the higher tax rate. That is why the GST (Goods and Service Tax) Council has taken such a step.
GST Rate Review on Life & Health Insurance
The GoM has asked to submit the report by 30th October 2024. After reviewing the submitted report, the final decision on GST/ Tax rate on life and health insurance products will be finalised.
Samrat Choudhary, Deputy Chief Minister of Bihar, is the convenor of the Group of Ministers (GoM) on Life and Health Insurance. The GoM is constituted by a 13-member Team, including other state government ministers.
GST rate on Life and health Insurance Premium.
As discussions continue around the future of GST rates, particularly concerning essential services like life and health insurance, it’s crucial for consumers to stay informed about potential changes. These changes could have a significant impact on their financial planning and security, particularly in terms of insurance affordability.
The impending decisions by the Group of Ministers signal a pivotal moment, reflecting the collective desire to make insurance more accessible and affordable for all citizens. This is an opportunity for individuals to advocate for a system that aligns with their needs, ensuring that vital protections are available and financially manageable.
Stay tuned for updates as the panel advances toward a resolution that could reshape our country’s insurance affordability landscape.
