Wed Nov 27 16:28:22 UTC 2024: ## Government Awaits GST Council Recommendation on Health, Life Insurance Exemption
**New Delhi, Nov 27, 2024** – The Indian government is awaiting a recommendation from a Group of Ministers (GoM) regarding the potential exemption of Goods and Services Tax (GST) on health and life insurance policies. This was announced by Minister of State for Finance, Pankaj Chaudhary, in the Lok Sabha this week.
The issue was previously discussed at the GST Council’s 54th meeting on September 9th, resulting in the formation of the GoM to investigate. The GoM held its first meeting on October 19th. Once the GoM submits its recommendations, they will be presented to the GST Council for a final decision on GST rates and exemptions for health and life insurance.
Currently, several specific government-sponsored health and life insurance schemes, including the Rashtriya Swasthya Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana, are already exempt from GST. The government aims to ensure all citizens have adequate insurance coverage by 2047, as per the Insurance Regulatory and Development Authority of India’s vision.
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