• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Nation

GST On Term Life Insurance Premium, Senior Citizens Likely To Be Exempted

OMMCOM NEWS by OMMCOM NEWS
October 19, 2024
in Nation

New Delhi:  The Group of Ministers (GoM) on Saturday more or less decided to exempt the goods and services tax (GST) on term life insurance premiums and premiums paid by senior citizens for health cover.

The GST exemption/reduction on life and health insurance is a long-pending demand of the industry as the move would alleviate the tax burden on both insurers and policyholders.

While most of the panel members of the GoM, led by Bihar Deputy Chief Minister Samrat Chaudhary, pitched for “full exemption” on health and life policy premiums, a few panel members suggested reducing the rate to 5 per cent from the current 18 per cent.

The ministerial panel, tasked to rationalise rates, is scheduled to submit its recommendation to the GST Council by October 31. The final decision in this regard will be taken by the GST Council when it meets next.

At present, 18 per cent GST is levied on life and health insurance premiums.

The GST Council took up the matter in the September meeting, following the debate over the 18 per cent GST levied on life and health insurance premiums. The panel learnt to have discussed the revenue implication in various options suggested by the Fitment Panel — comprising revenue officials of the Centre and states. Other options discussed during the GoM meeting included exempting premiums paid by senior citizens and premiums with coverage up to Rs 5 lakh, or alternatively, only exempting premiums paid by senior citizens from the GST ambit.

Last month, the GST Council, headed by Finance Minister Nirmala Sitharaman, set up a GoM on slashing the tax rate on life and health insurance, as well as reducing the GST on cancer drugs. The 54th GST Council meeting, held on September 9, reached a “broad consensus” to bring relief to individuals and senior citizens with a decision on the GST applied to health insurance premiums.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

Must Stop ‘Forex Drain’ Due To Students Going Abroad: Dhankhar

Next Post

1st Test: Rain Forces Early Stumps After New Zealand Begin Pursuit Of 107 Against India

Related Posts

Rath Yatra
Nation

Prez Murmu, PM Modi Lead Nation In Extending Wishes As Jagannath Rath Yatra Begins

June 27, 2025
Mamata Banarjee
Nation

Interesting Outreach War Between Bengal CM And LoP On Friday Over Ratha Yatra Festival

June 27, 2025
Nation

Rahul Gandhi’s Demand For Digital Voter List Legally Untenable: Experts

June 27, 2025
Nation

HM Shah Offers Prayers At Ahmedabad’s Jagannath Temple, To Attend Key Meetings Later Today

June 27, 2025
Nation

Punjab CM Seeks Special Central Incentives On Lines Of Himachal

June 26, 2025
Nation

Rudraprayag Road Accident: Six Rajasthan Pilgrims Missing, CM Dials Uttarakhand Counterpart

June 26, 2025
Next Post

1st Test: Rain Forces Early Stumps After New Zealand Begin Pursuit Of 107 Against India

RG Kar Issues: Crucial Meeting Between Junior Doctors And Bengal CM Fixed For Monday Amid Hunger Strike

683 Clear Odisha Civil Services Exam 2022, Swetashree Mohapatra Topper

khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.