Senior citizen health cover, term insurance likely to be GST-free

Quick Summary:

A group of state finance ministers is leaning towards exempting GST on term insurance plans and health insurance for seniors.

They are also considering raising GST on luxury items like expensive watches and shoes to 28%, while reducing it for common-use goods like notebooks and bicycles.

Going forward, the panel on rate rationalisation is also expected to take up the issue of lower levies for certain farm goods and other common use items.

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Article Details

Author / Journalist: TNN

Category: EconomyBusiness

Markets: IndiaCuba

Topics: GST exemption Health insurance Finance ministers Insurance policy Term insurance Luxury goods Business news

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-20 @ 05:58:20 (14 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 823 words

Reading Time: 5 minutes read

Sentences: 26 lines

Sentence Length: 32 words per sentence (average)

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

Copyright Owner: © Times of India

News ID: 23130494

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