GST Council Meeting: Taxation Of Insurance Key Issue Likely To Be Addressed

The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on health insurance from the current 18% or exempt certain categories of individuals, like senior citizens.

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[govindarajn]

Insurance cover senior citizen with out medical exam up to 75 years and senior citizens 50% total exempted

[preethachaudhury]

Do you foresee an increase in GST rates on gold?
GST on Health insurance of more than Rs.10 lacs for those in the 30% tax bracket only. For less than Rs.10 lacs, it should be at nominal rates. For those with critical illness and senior citizens, GST on Health insurance of up to Rs.10 lacs, should be totally exempt.
GST on Life insurance of up to Rs.5 lacs should be at nominal rates or totally exempt.

[rajnaik]

Most incompetent FM minister till date. Can BJP find someone who has a knowledge of Finance? Who will listen to the babus suggestions but will take his her own decision which is best in the interest of Public and small businesses. Ofcourse middle class people. This time seems Maharashtra will not vote BJP. Even BJP lovers will not for BJP.