GST Council eyes big win for health insurance: Premiums may soon be tax-free

The upcoming 55th GST Council meeting will focus on the proposal to eliminate GST on health insurance premiums, particularly for term life insurance and policies for senior citizens, following recommendations from the GoM on Life & Health Insurance. The fitment committee will evaluate the revenue implications of these suggestions, considering options like exempting all individual health insurance premiums or reducing the GST rate to 5%. The meeting, set for the end of December in Rajasthan, will also address rate rationalization and other recommendations from the fitment committee.

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