GST Council Meeting: Industry eyes tax relief on health insurance premiums, higher levies on luxury items
1 week, 4 days ago

GST Council Meeting: Industry eyes tax relief on health insurance premiums, higher levies on luxury items

Live Mint  

Industry experts expect a reduction in GST rates on health insurance at the forthcoming GST Council meeting on December 21, 2024. However, if health insurance is exempted from GST for all or specified persons, the insurance companies would lose out on input tax credits to that extent and accordingly, the reduction in costs can be less than the amount of GST previously charged,” Karthik Mani, Partner, Indirect Tax, BDO India, said. The previous GST Council meeting held on September 9, recommended constituting a Group of Ministers to investigate the matter of GST levied on life and health insurance. “However, the decision of the council to continue imposing 18% GST on health insurance premiums exceeding ₹5 lakh is sparking concerns.

History of this topic

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