The GST Council is gearing up to make significant strides in tax policy. Its upcoming meeting on December 21 in Jaisalmer, Rajasthan, will focus on tax relief to consumers, particularly senior citizens, by potentially exempting GST on health and life insurance premiums.
The GST Council is gearing up to make significant strides in tax policy. Its upcoming meeting on December 21 in Jaisalmer, Rajasthan, will focus on tax relief to consumers, particularly senior citizens, by potentially exempting GST on health and life insurance premiums.
The GST Council will convene its 55th meeting on December 21 in Jaisalmer, Rajasthan, to address crucial policy changes, including possible tax relief on health and life insurance premiums. The council, chaired by Union Finance Minister Nirmala Sitharaman and including state finance ministers, is expected to also deliberate on rate reductions for essential goods, as per a report by PTI.
A post on X by the GST Council confirmed the meeting: "The 55th meeting of the GST Council will be held on 21 December 2024 at Jaisalmer, Rajasthan."
Insurance Tax Breaks
The council is likely to discuss a proposal from a Group of Ministers (GoM) to exempt GST on premiums for term life insurance and health insurance policies for senior citizens. The GoM also suggested exempting premiums for health insurance policies with coverage up to ₹5 lakh. However, premiums for coverage above ₹5 lakh will continue to attract an 18% GST.
The recommendations follow a directive from the council in September for the GoM to finalize its report on insurance GST by October.