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Review Tax Rate on Insurances
September 21 , 2024
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- The GST Council constituted a 13-member Group of Ministers to suggest GST rate on premiums of various health and life insurance products.
- Currently, 18 per cent of Goods and Services Tax (GST) is levied on the insurance premiums.
- Additionally, the panel is tasked with suggesting the tax rates for life insurance, including term insurance, life insurance with investment plans, and the re-insurance.
- In the fiscal year 2023-24, the central and state governments collected a total of Rs 8,262.94 crore through GST on health insurance premiums.
- Additionally, Rs 1,484.36 crore was collected as GST on health reinsurance premiums.
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