GST Council Meet: Two Key Goms To Take Care Of Health And Life Insurance, Compensation Cess

Concluding the recent GST council meeting, Finance Minister Nirmala Sitharaman said on September 9 that the GST Council will be forming two key Groups of Ministers (GoM), one on rate rationalisation on medical and life insurance and another one on the road ahead for compensation cess.

The next GST Council meeting in November will take up the recommendation of the new GoM on health and life insurance. The GST Council meeting will be held in November to take a call on the reduction of rate on health and life insurance, confirmed the Finance Minister. The new GoM on medical health insurance will be submitting its report by the end of October. The GoM will deliberate upon insurance-related matters for senior citizens, life insurance, term life insurance, group insurance, etc. The Council discussed if medical insurance should be introduced only for senior citizens, and if selective exemption will make implementation difficult, Sitharaman said.

Source: Moneycontrol