Group of Ministers (GoM) will examine the health insurance GST issue

A Group of Ministers (GoM) has been established by the GST Council to examine the current health insurance GST rate and recommend methods to lower it.

The GST council has resolved to establish a new Group of Ministers (GoM) to investigate lowering the GST rate on health insurance premiums, according to Finance Minister Nirmala Sitharaman.

The Bihar Deputy Chief Minister will lead the group. The 54th GST Council meeting, which was held in Delhi today, made the decision. By the end of October, the GOM is supposed to present its report.

The FM stated, “The GST council which will meet in November will finalize based on this report which will come from the GoM,”

The opposition INDIA group protested outside the parliament and demanded the removal of the GST, which led to discussions about lowering the tax imposed on health and life insurance policies.

Prior to this, the FM received a letter from Union Minister of Road Transport and Highways Nitin Gadkari pleading with her to exempt the 18% GST imposed on life and health insurance policy premiums. Official data shows that during the last three fiscal years, the government generated Rs. 24,000 crore through the GST on life and health insurance plans, with 73% of the revenue going to the states.