GST on insurance: Issue before Council, states to take a call

The GST Council is set to discuss the contentious issue of levying 18% GST on insurance products, with questions remaining on the final decision. Options include exempting pure term and health insurance from GST, as proposed by the fitment committee, or lowering the rates to address concerns. The meeting next week will determine the outcome of the debate on the taxation of insurance under GST.

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