GST Council call on insurance next month

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The story "GST Council call on insurance next month" was covered 2 days ago by Times of India, a news publisher based in India.

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Times of India 2d ago

GST Council call on insurance next month - Times of India

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.