Indian minister suggests insurance costs could drop if GST Council lowers taxes on policies.

India's Finance Minister, Nirmala Sitharaman, announced that health and life insurance costs could decrease if the GST Council reduces taxes on these policies. The GST Council, set to meet on December 21, is expected to discuss the GoM report which suggests exempting GST from term life insurance and senior citizens' health insurance, and reducing it for individual health insurance up to Rs 5 lakh. Premiums above Rs 5 lakh would still face an 18% GST.

December 02, 2024
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