Government Collects Rs 8,263 Crore GST on Health Insurance Premiums in FY 2023-24

The Indian government collected Rs 8,263 crore as GST on health insurance premiums during the fiscal year 2023-24. This significant revenue demonstrates the expanding insurance market and increased adoption of health insurance by citizens. The GST on health insurance is set at 18%, and this collection reflects a 14% increase compared to the previous year. The rise in GST revenue is attributed to growing awareness and the critical need for health coverage post-pandemic, leading to higher policy subscriptions and renewals.