GST -release lowers premiums of both life, health insurance

New -Delhi, September 22 (PTI) Insurance premiums of life and health insurance became cheaper from Monday to the full removal of 18 percent goods and service taxes (GST), as the next generation GST 2.0 reforms kicked in. All individual health insurance policies, including the policy of the family policy for senior citizens and reinsurance, are from 18 per September, which is in the field of the in July 2017, GST on the rate of September 18. Premiums pay for health insurance and life insurance. Individual policyholders can save to 18 percent GST levied on the insurance premium on Monday. The decision on this was made during the 56th GST council meeting held on September 3. The council decided to release all individual life insurance policies, whether the life span, ulip or endowment policy and subsequent re-insurance of GST. After the GST Council, insurance companies, including Life Insurance Corporation of India (LIC), announced the release of GST. The government levied £ 16,398 crore of tax on goods and services (GST) in FY24 on healthcare and life insurance. Of these, £ 8.135 comes from life insurance and £ 8,263 of health insurance. In addition, £ 2,045 crore was also increased as GST from the insurance on life and health insurance in the last fiscal, including £ 561 of reinsurance on life and £ 1,484 on healthcare. GST on healthcare and life insurance services brought £ 16,770 crore into FY23, including £ 9.132 crore of life insurance and £ 7,638 of health insurance. The 56th GST Council, chaired by Minister of Finance and consists of ministers from all states, agreed on two tax rates of 5 and 18 percent by moving products from the current 12 and 28 percent plate to lower rates. A special rate of 40 percent will be charged on a few items. A 4-level GST structure of 5, 12, 18 and 28 percent was implemented from 1 July 2017, when the center and states agreed to undertake most of their taxes, such as excise duty and VAT, in one uniform tax.