Key Points
GST Council forms GoM to review tax rate on health, life insurance; report by Oct 30..
Bihar Deputy Chief Minister Samrat Choudhary will lead the panel, which includes members from various states..
New Delhi: The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30..
"The GoM is to submit its report by October 30," 2024," said the Office Memorandum issued by the GST Council Secretariat on the Constitution of GoM on Life and Health insurance...
Some opposition-ruled states, including West Bengal, had demanded complete exemption of GST on health and life insurance premiums, while some other states were in favour of lowering the tax to 5 per cent..
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