Dec 21, 2024 01:47 PM IST
18% GST will proceed on premiums paid for insurance policies with medical health insurance cowl of over ₹5 lakh.
The GST Council on Saturday postponed a choice on slicing tax fee on life and medical health insurance premiums, officers stated.
Income Secretary Sanjay Malhotra attends a GST Council assembly with Union Finance Minister Nirmala Sitharaman at Vigyan Bhawan, in New Delhi. The Appointments Committee of the Cupboard has appointed Malhotra because the the brand new Governor of the Reserve Financial institution of India (RBI) for a three-year time period starting from December 12, 2024.(Shahbaz Khan/PTI)
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The fifty fifth assembly of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, determined that some extra technicalities wanted to be ironed out and tasked the GoM for additional deliberations.
Bihar Deputy Chief Minister Samrat Chaudhary stated another assembly of the GoM on insurance coverage is required to take a name on taxation of group, particular person, senior residents’ insurance policies.
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“Some members said more discussions required. We (GoM) will meet in January again,” Chaudhary advised reporters.
A Group of Ministers (GOM) arrange by the Council below Chaudhary, in its assembly in November had agreed on exempting insurance coverage premiums paid for time period life insurance coverage insurance policies from GST.
Additionally premium paid by senior residents in direction of medical health insurance cowl has been proposed to be exempted from the tax.
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Moreover, premiums paid by people, apart from senior residents, for medical health insurance with protection of as much as ₹5 lakh is proposed to be exempted from GST.
Nonetheless, 18 per cent GST will proceed on premiums paid for insurance policies with medical health insurance cowl of over ₹5 lakh.
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