Jaisalmer: The Council of Goods Tax and Services (GST) on saturday deffered the decision to decrease rate of GST in premium insurances in health and life.
The exemption of life and health insurance is a long pending deamand of the industry, which aims to move the alletive for both policyholders and insures.
According to the deatils in an ongoing 55th GST meeting underway in Jaislimar district of Rajasthan chaired by the Finance Minister Nirmla Sitharaman has deffeerrted the decision on potential tax on premium insurances.
Notably the panel members of the group earlier pitched full exemption of GST on premium insurances of health and life, few of the members suggested to reduce the rate from 18 to 5 percent.
Bihar Chief Smarat Chaudhary who is leading the group of panel members told reporters that the issue needs more discussions says the GoM will again meet in January.
The panel have have also preposed to exempt the GST paid by senior citizens for the healtrh insurmnace cover.
Meanwhile, the GoM on GST compensation cess is likely to get a six-month extension till June 2025 to submit their report. Another key agenda at the meeting is to decide whether the 5 per cent GST on delivery charges by food delivery platforms will be applied retrospectively from 2022. Currently, food delivery companies do not pay GST on delivery charges. Also, the GST Council is likely to take up the issue of bringing aviation turbine fuel under the GST ambit.