GST on Insurance Premiums: GST Council to Review Removal of 18% GST

This article explains the application of GST on insurance premiums, detailing the tax rates applicable to various types of insurance policies such as life, health, and general insurance. It outlines the impact of GST on policyholders, including how premiums have increased post-GST implementation. The article also discusses the complexities faced by insurance companies in complying with GST regulations, including the challenges of input tax credit (ITC) and the burden of increased compliance costs. It emphasizes the importance of understanding GST implications to avoid disputes and ensure accurate tax payments.