GST News: There is also 18% GST on health and life insurance premium, against which several opposition parties including Union Road Transport Minister Nitin Gadkari had raised objections.
GST News: Health and life insurance holders may get relief from expensive policies by December. There are preparations to reduce the GST rates on health and life insurance policies in the GST Council meeting to be held in November. A group of ministers will meet on October 19 to discuss this in detail. On the other hand, changes are also being considered in the GST slabs related to other items. The GST rate on many items can be reduced from 12 to 5 percent.
No consensus reached in the last meeting
The Group of Ministers is considering two matters related to GST. One of these matters is about 18% GST on health and life insurance premium, to which all opposition parties including Union Road Transport Minister Nitin Gadkari had raised objections. No consensus could be reached in the last meeting of the Council regarding reducing GST rates, after which the matter was sent to the Group of Ministers.
Now the 13-member ministerial group will consider
The 13-member ministerial group formed to give a clear report in this matter will now consider. The convener of the group is Bihar Deputy Chief Minister Samrat Chaudhary. It is possible that a consensus can be reached on levying 5% GST in the meeting of October 19. The group will submit its report to the GST Council by October 30. After that a decision will be taken in the November meeting.
Efforts to improve GST rates are also intensifying
The Group of Ministers is also working towards rationalizing the GST rates, whose meeting is to be held on October 20. In this meeting, the GST rate on many items can be reduced from 12% to 5%. It is expected that the GST rate on many important items including two-wheelers, bottled water can be reduced. The GST rate on about 100 such items can be reduced, while the GST rate on some items can also be increased.
