The 54th GST Council meeting could bring in possible relief to individuals and senior citizens, with a likely reduction in GST on health insurance premiums. An ANI report quoting sources suggests the council is set to discuss lowering the current 18% GST rate on these premiums, a move that could ease financial pressures on those … Read more
Ahead of the GST Council meeting next week, the states could not come to a consensus on health insurance premium from Goods and Services Tax (GST). According to a report in Moneycontrol, the Fitment Committee, comprising revenue officials from both the state and Centre, has been trying to reach a consensus on the contentious issue … Read more
GST on insurance premiums: Union Finance Minister Nirmala Sitharaman on Wednesday said 18% of Goods and Services Tax (GST) collected from health and insurance premiums is equally shared between the Centre and states. She said of the 9% share that is accorded to the Centre, 41% is further sent to states. Overall, 73-74% of GST revenues … Read more
Union Budget 2024: Indian insurance firms have been expecting various tax exemptions from the Central government in the upcoming Union Budget to improve the appeal and accessibility of insurance products, thus encouraging wider adoption across the country. Insurers specialising in life coverage are advocating for tax relief on annuities and a reduction in the goods and … Read more