Many important issues will be discussed at the GST Council meeting to be held on September 9, which also includes the issue of GST on insurance premiums. Some experts say that GST on health insurance should be reduced or completely removed. If this happens, common people will get a huge relief and it will become cheaper for them to get insurance. Many other issues will also be considered at the meeting, including the report on the status of online gaming. According to sources, the adjustment committee will present the report on GST imposed on life, health and reinsurance premiums and related revenues.
You may be able to get a discount on term insurance.
According to media reports, the government may give formal approval to exempt term life insurance policies from GST at this meeting. In recent days, there is increasing demand to exclude insurance policies from GST. Currently, 18% GST is applicable on term insurance plans.
The meeting chaired by Finance Minister Nirmala Sitharaman will decide whether the current 18% tax on health insurance should be reduced or special exemption should be given to some categories such as senior citizens. The issue of reduction in GST rate on life insurance premiums will also be discussed.
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The decision may come about the games
The central and state tax authorities will file a condition report with respect to online gaming, which will contain details of GST revenues before and after 1st October 2023. A 28% GST has been implemented on online gaming, casinos and horse racing from 1st October 2023. This 28% GST is mandatory for all online gaming platforms.
The government is benefiting
Earlier, many online gaming companies did not pay 28% GST as they believed that there should be different tax rates for skill-based games and gambling. However, in the August 2023 meeting, the GST Council clarified that 28% GST will be applicable on all online gaming platforms. The government collected Rs 1.75 lakh crore as GST in August 2024, up 10% from last year.
I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,
