The Items and Companies Tax Council on Monday shaped a group of ministers to look at the GST fee on medical insurance coverage intimately, ANI reported quoting sources.
This comes after reviews that the council was more likely to supply substantial reduction to people and senior residents by decreasing the GST fee on medical insurance premiums. At current, premiums for each well being and life insurance coverage insurance policies are topic to an 18% GST.
The council reviewed a report from the fitment committee regarding the taxation of life and medical insurance premiums.
Within the fiscal yr 2023-24, the Centre and states collected Rs 8,262.94 crore in GST from medical insurance premiums, and Rs 1,484.36 crore from GST on well being reinsurance premiums.
The 54th GST council meet started on Monday at Sushma Swaraj Bhawan in New Delhi. It’s being chaired by Union finance minister Nirmala Sitharaman.
“Union Finance Minister @nsitharaman chairs the 54th assembly of the GST Council, at Sushma Swaraj Bhawan, in New Delhi, right now. Together with the Union Finance Minister, Union Minister of State for Finance @mppchaudhary ; Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana; moreover Finance Ministers of States & UTs (with legislature) and Senior officers from Union Authorities & States are additionally attending the assembly,” Sitharaman stated in a publish on X.
This comes after reviews that the council was more likely to supply substantial reduction to people and senior residents by decreasing the GST fee on medical insurance premiums. At current, premiums for each well being and life insurance coverage insurance policies are topic to an 18% GST.
The council reviewed a report from the fitment committee regarding the taxation of life and medical insurance premiums.
Within the fiscal yr 2023-24, the Centre and states collected Rs 8,262.94 crore in GST from medical insurance premiums, and Rs 1,484.36 crore from GST on well being reinsurance premiums.
The 54th GST council meet started on Monday at Sushma Swaraj Bhawan in New Delhi. It’s being chaired by Union finance minister Nirmala Sitharaman.
“Union Finance Minister @nsitharaman chairs the 54th assembly of the GST Council, at Sushma Swaraj Bhawan, in New Delhi, right now. Together with the Union Finance Minister, Union Minister of State for Finance @mppchaudhary ; Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana; moreover Finance Ministers of States & UTs (with legislature) and Senior officers from Union Authorities & States are additionally attending the assembly,” Sitharaman stated in a publish on X.
