Insurance cost to drop if GST Council lowers taxes: Finance Minister
Chandigarh, Updated At : 07:26 AM Dec 03, 2024 IST
Finance Minister Nirmala Sitharaman
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Finance Minister Nirmala Sitharaman today said the cost of insurance would come down if the GST (Goods & Services Tax) Council recommended a reduction in the GST rate on health and life insurance policies. This would benefit the policyholder directly, especially in a competitive market. Currently, an 18 per cent GST is levied on premiums paid for life and health insurance policies.
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She said the issue was placed before the GST Council, which recommended constituting a group of ministers (GoM) to look into the matter. The GoM’s first meeting was held on October 19.
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