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
Latest Posts in "India"
- GST Cut on Insurance May Not Lower Premiums; Potential 12-18% Increase Expected
- India’s GST Council Endorses Two-Tier Tax Structure for 2025
- GST Reduction on Fruit Drinks Excludes Colas; Prices Remain Unchanged for Carbonated Beverages
- Supreme Court Stays Retrospective GST Penalty, Examines Applicability to Non-Taxable Persons
- India Unveils Simplified GST Rate Structure
