NEW DELHI: The GST Council is scheduled to meet on December 21 in Jaisalmer, Rajasthan to make a critical decision regarding the potential exemption or reduction of the GST rate on health and life insurance premium.
Last month, the Group of Ministers (GoM) on health and life insurance convened and came to a general consensus to exempt GST on premiums for term life insurance policies as well as health insurance specifically for senior citizens.
The Council via a post on X said, “The 55th meeting of the GST Council will be held on December 21, 2024, at Jaisalmer, Rajasthan.” Besides health and life insurance premium, it is likely to deliberate on rate rationalisation, with recommendations from a panel of state ministers suggesting tax rates on various essential items for the general public could be lowered from 12% to 5%bracket.