Sat Dec 21 18:32:53 UTC 2024: **GST Council Postpones Decision on GST Exemption for Health and Life Insurance**
Jaipur, Rajasthan – The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, concluded in Jaisalmer, Rajasthan, on Saturday. While the meeting addressed various agenda items including rate rationalization and slab revisions for several goods and services, a highly anticipated decision regarding the Goods and Services Tax (GST) exemption on health and life insurance policies was postponed.
The Council decided to defer the matter, citing a need for further consideration. This decision comes despite a Goods and Services Tax (GST) ministerial panel recommending the removal of GST on term life insurance and health insurance policies in November. The panel had favored exempting health insurance policies up to ₹5 lakh, while maintaining the existing 18% GST on policies exceeding this amount.
Policyholders have long advocated for the removal of GST on these essential insurance products. The postponement of the decision has resulted in disappointment for many. The Council is currently deliberating on other agenda items.
First Piper 