Today’s Ten: GoM to review 18 per cent GST on health and life insurance
By Pradeep Damodaran in Media News on Tuesday, 10th September 2024 at 3:32pmThe decision by the Goods and Services Tax (GST) Council to go for a possible rethink on reduction in the 18% tax levy on the premium paid for health and life insurance policies by mandating a stiff 50-day deadline for a new Group of Ministers (GoM) to review the tax rate has brought cheer to the middle class who are the most affected by the steep hike in taxes for insurance coverage.
According to the report by Vikas Dhoot for The Hindu, Finance Minister Nirmala Sitharaman said the matter was discussed extensively with State Ministers and a lot of questions arose, including whether the tax rate should be reduced or the GST levy scrapped altogether, who should be exempted if at all, and how group insurance policies might be treated.
The Council was also updated on the status of the wor...
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