In the 55th GST Council meeting held on December 21, 2024, in Jaisalmer, the Group of Ministers (GoM) on Life and Health Insurance requested additional time to finalize their recommendations regarding reducing GST on health and life insurance premiums. The GST Council approved this request, deferring any decisions on the matter until the GoM submits its finalized report. As of now, no changes in GST rates on these insurance premiums have been made.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
RAJYA SABHA
UNSTARRED QUESTION NO-227
ANSWERED ON – 04.02.2025
GST ON HEALTH AND LIFE INSURANCE PREMIA
227. SHRI SAKET GOKHALE:
Will the Minister of FINANCE be pleased to state:-
(a) whether the Group of Ministers (GoM) made a recommendation in December 2024 to the GST Council to reduce the GST charged on health and life insurance premia, if so, the details of the recommendations made; and
(b) whether the said recommendation has been accepted by the GST Council, if not, the reason therefor?
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)
(a) & (b): 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.
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