GST Council Delays Decision On Tax Reduction For Life, Health Insurance Premiums

The GST Council on Saturday deferred its decision on reducing the tax rate on life and health insurance premiums, according to officials. At the 55th GST Council meeting held in Jaisalmer, chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers, it was decided that additional technical details needed to be worked out. The Council tasked the Group of Ministers (GoM) with further deliberations.

Bihar's Deputy Chief Minister, Samrat Chaudhary, stated that another GoM meeting on insurance is necessary to finalise the tax treatment for group policies, individual policies, and senior citizens' plans.

“Some members said more discussions required. We (GoM) will meet in January again,” Chaudhary told the news agency PTI.