GST Council postpones decision on lowering GST for health, life insurance

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GST Council postpones decision on lowering GST for health, life insurance - Business Standard

Quick Summary:

Noting that further discussions are necessary, Chaudhary said another meeting of the GoM is scheduled for January before the proposal is reintroduced to the Council.“For the report which was to be given by the GST GoM, many ministers were of the view that one more meeting should happen.

Whether it is for group insurance, individual insurance or senior citizens’ insurance, we will do another meeting for it.

Additionally, the Council will look into rate changes for 148 items, including used electric vehicles (EVs) and smaller petrol and diesel vehicles, which may see an increase in GST rates from 12 per cent to 18 per cent.