GST Council Initiates Review of Health, Life Insurance Tax Rates; GoM to Submit Report by Oct 30

The Goods and Services Tax (GST) Council will review the tax rates applicable to health and life insurance services, with a Group of Ministers (GoM) report expected by October 30, 2024. The review aims to assess the impact of current GST rates on the insurance sector and consider potential adjustments to enhance affordability and accessibility. The outcome of the review will have significant implications for policyholders and insurance providers, influencing the cost and availability of insurance products. The GoM's findings will guide future policy decisions and regulatory adjustments in the insurance sector.