GST: There is very important news for the people who pay the premium of life and health insurance policy. That is, the government can remove the GST on the premium of both these policies. A meeting of the Group of Ministers formed on insurance is to be held in April. The Group of Ministers is expected to submit its final form of recommendations to the GST Council in this meeting. After this, this proposal can be made at the GST Council meeting in May. However, India’s Insurance Regulatory and Development Authority (IRDAI) has already decided.
States Also Agree To Give Relief To Insurance
A report by Money Control said that the Insurance Regulatory and Development Authority of India (IRDAI) has given its opinion on providing relief from GST on the premium of life and health insurance. Quoting an official, the report said that the government’s Group of Ministers can submit its recommendation to the GST Council in April. The GST Council can approve this in late April or early May. The official said that the state governments are ready to provide relief from GST to the insurance sector.
No Decision Could Have Been Taken In December
Earlier in December 2024, it was expected that the GST Council could provide relief from GST on the premium of life and health insurance policies. However, no decision could be made at the GST Council meeting on 21 December. This was because, until December, the insurance regulator IRDAI was not involved. If this happens, there is a possibility of allegations that the advice of the insurance regulator was not taken into account.
The Final Seal Can Be Put In The Meeting Of The Group Of Ministers
It is said that the final seal on this issue can be put on at the April meeting of the Group of Ministers, which is constituted under the leadership of Bihar Deputy Chief Minister Samrat Choudhary. The Group of Ministers includes 13 members, including Uttar Pradesh Finance Minister Suresh Kumar Khanna, West Bengal Finance Minister Chandrima Bhattacharya, and Kerala Finance Minister KN Balagopal.
