GST on LIC Premiums: No Reduction Yet, GoM Seeks More Time

The GST on LIC premiums remains under active consideration, with the Group of Ministers (GoM) tasked with the review seeking more time to finalize its recommendations. This was confirmed by the Ministry of Finance in a response to a query, indicating that a final decision on lowering the tax rate has not been reached. The GoM is tasked with comprehensively analyzing GST on life and health insurance, a move that stakeholders believe could provide a much-needed tax relief for policyholders. The request for an extension shows that the council is taking a thorough approach.