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Insurance cost to drop if GST Council lowers taxes: Finance Minister

Finance Minister Nirmala Sitharaman today said the cost of insurance would come down if the GST (Goods & Services Tax) Council recommended a reduction in the GST rate on health and life insurance policies. This would benefit the policyholder directly,...

Tribune News Service

Chandigarh, Updated At : 07:26 AM Dec 03, 2024 IST

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Finance Minister Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman today said the cost of insurance would come down if the GST (Goods & Services Tax) Council recommended a reduction in the GST rate on health and life insurance policies. This would benefit the policyholder directly, especially in a competitive market. Currently, an 18 per cent GST is levied on premiums paid for life and health insurance policies.

She said the issue was placed before the GST Council, which recommended constituting a group of ministers (GoM) to look into the matter. The GoM’s first meeting was held on October 19.

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