Centre for exempting insurance premium for individuals from GST
GST
Dated:- 20-8-2025
PTI
New Delhi, Aug 20 (PTI) The Centre has proposed exempting life and health insurance policies for individuals from GST, Bihar Deputy Chief Minister and convenor of insurance GoM Samrat Choudhary said on Wednesday.
Currently, health and life insurance premium attracts 18 per cent GST.
The 13-member state Group of Ministers on insurance held a meeting on Wednesday.
Almost all states were in favour of the proposal, but they asked the GST Council to device a mechanism by which the GST rate cut benefits are passed on to the customer, said Telangana Deputy Chief Minister Mallu Bhatti Vikramarka, a member of the GoM.
“We made it clear that
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has been discussed and the GoM report will be presented to the Council,” Choudhary told reporters here after the meeting of the GoM.
“All members have given their approval for lowering rates. Some states have given their own views,” he said, adding a final call on rates will be taken by the Council.
The Centre's proposal on insurance is part of the overall next-Gen GST reform proposal under which goods and services tax will be levied at 2 rates 5 and 18 per cent based on categorisation of products as merit and standard.
The GoM on health and life insurance was set up in September to suggest tax rates.
The panel, which includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Me
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