Health Insurance: Good news is coming for customers taking health and life insurance.Policyholders can expect relief from expensive policies by December. The GST Council meeting in November is developing a plan to lower the GST rates on health and life insurance policies.
On October 19, a group of ministers will convene to discuss this subject in detail. The GST slabs on other items have also undergone changes. In addition, there is a proposal to lower the GST rate on numerous items from 12 percent to 5 percent.
In the last meeting, we were unable to reach a consensus on these matters. It is expected that in the meeting of October 19, consensus can be reached on levying five percent GST. By October 30, the group will submit its report to the GST Council. After that, a decision will be taken in the November meeting.
The process of improving GST rates is also progressing very fast.
The Group of Ministers will convene on October 20 to discuss reducing the GST rate from 12 percent to 5 percent on numerous items. It is being said that GST rates can be reduced on important items like two-wheelers and bottled water. A plan exists to lower the GST rate on approximately 100 items, while increasing the rates on others.
Recently, the GST Council held its 54th meeting and made a significant decision. Finance Minister Nirmala Sitharaman chaired the meeting. During the meeting, Minister Nirmala Sitharaman said that there was a broad consensus in the council to reduce the 18 percent GST tax on health insurance premiums, but the final decision on this will be taken in the next meeting of the GST Council in November.
He had said that a new Group of Ministers (GoM) will consider the reduction in tax rate on insurance premiums. Its report will come by the end of October.