The 54th GST Council meeting is set to discuss lowering GST on life and health insurance premiums, which currently stand at 18%. Proposals include exempting pure-term life policies from GST. Offering similar relief to health insurers, potentially leading to significant revenue losses but benefitting consumers. If passed, the changes could impact government earnings by Rs 213 crore. It will also cover up to Rs 3,500 crore for life and health insurance, respectively.
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