The GST Council has constituted a 13-member Group of Ministers (GoM) to suggest GST rates on premiums of various health and life insurance products, with a report due by October 30. The GoM will examine and review the present tax structure and suggest tax rates on health/medical insurance and life insurance. The final decision by the GST Council is likely to be taken in the next meeting in November based on the GoM report.
Source A2ztaxcorp
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