Key Points
The much-awaited GST Council meet on December 21 in Jaisalmer is expected to take up the issue of exemption or lower GST rate on health and life insurance...
The council, which will be chaired by Union Finance Minister Nirmala Sitharaman and her state counterparts, may also take up some rate rationalisation exercise and reduce tax rates on a host of common man items from 12 percent to 5 percent slab, as per the recommendations of a panel of state ministers...
The council could approve a reduction in GST rates on various everyday items, bringing them from the 12 percent slab to the 5 percent slab, based on recommendations from a group of state ministers...
The GoM on health and life insurance met last month and reached a broad agreement to exempt GST on premiums for term life insurance policies and health insurance for senior citizens...
Separately, the GoM on GST rate rationalisation has proposed adjustments to the tax rates on a variety of goods, including packaged drinking water, bicycles, exercise notebooks, luxury wristwatches and footwear..
