GST Council call on insurance next month

Quick Summary:

The GST Council is set to discuss reducing the GST on term insurance plans to zero and offering similar relief for health insurance, particularly for senior citizens and those seeking coverage up to Rs 5 lakh.

However, broader GST rate rationalization faces resistance from states concerned about revenue loss, potentially impacting decisions on essential goods and luxury items.

Currently, goods and services are taxed at 5%, 12%, 18% and 28% with the top two accounting for three-fourths of the revenue.

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Article Details

Author / Journalist: Sidhartha

Category: EconomyBusiness

Markets: India

Topics: Compensation cess Business news Insurance levy Term insurance Health insurance GST Council Revenue loss concerns GST rate reduction

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-12 @ 03:18:51 (1 weeks ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 492 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 23530075

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