News From Press Health insurance tax relief coming soon? GST Council may consider lowering tax rates on insurance in December meeting

Health insurance tax relief coming soon? GST Council may consider lowering tax rates on insurance in December meeting

Source: ET Nov 14, 2024

The GST Council will likely look at lowering the tax rate on certain insurance plans during its upcoming meeting in Rajasthan on December 21st and 22nd, according to a ToI report.

The GST Council in its upcoming meeting may completely remove the 18% tax on term insurance plans. The Council will also consider eliminating the tax on health insurance for senior citizens and those buying coverage up to Rs 5 lakh.

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