GST Panel Likely to Consider Insurance Relief Plea

The GST Council is set to consider a request for insurance relief, following representations from the insurance industry. The plea seeks a reduction in the GST rate on insurance premiums, which is currently taxed at 18%. The industry argues that the high tax rate is adversely affecting insurance penetration in the country, particularly for life and health insurance products. The Council may review these concerns and explore possible adjustments to make insurance more affordable and accessible to the public. This move is part of a broader effort to address industry-specific issues within the GST framework, aiming to support sectors that are critical to the economy’s growth and social welfare.