During the 55th GST Council meeting on December 21, 2024, in Jaisalmer, the Group of Ministers (GoM) on Life and Health Insurance requested additional time to finalize its recommendations regarding GST on insurance premiums. The issue concerns the impact of GST on social security and insurance penetration among the general public. The Council agreed to extend the timeline for the GoM to present its recommendations. No final decision has been made on the matter yet.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
LOK SABHA
UNSTARRED QUESTION NO.70
TO BE ANSWERED ON MONDAY, FEBRUARY 3, 2025
GST ON INSURANCE PREMIUM
70. SHRI S VENKATESAN:
SHRI SACHITHANANTHAM R:
Will the Minister of FINANCE be pleased to state:
(a) the recommendations of GoM constituted by GST Council on the issue of insurance premiums which endangers social security of the ordinary people and insurance penetration to the common masses;
(b) whether any decision has been taken in the last meeting of the GST Council on this issue; and
(c) if so, the details thereof and if not, the reasons therefor?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
(a), (b) & (c): During the 55th meeting of the GST Council held on 21st December, 2024 in Jaisalmer, the Convener of the Group of Ministers (GoM) on Life and Health Insurance sought more time for finalizing the GoM’s recommendations and placing the same before the GST Council. The Council agreed to give more time to GoM to finalize its recommendations.
