{"id":1288094,"date":"2024-12-04T09:43:30","date_gmt":"2024-12-04T04:13:30","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1288094"},"modified":"2024-12-04T09:44:04","modified_gmt":"2024-12-04T04:14:04","slug":"insurance-premium-can-reduce-if-gst-on-insurance-is-lowered","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/insurance-premium-can-reduce-if-gst-on-insurance-is-lowered\/","title":{"rendered":"Insurance Premium Can Reduce If GST On Insurance Is Lowered"},"content":{"rendered":"\n<p>According to Finance Minister Nirmala Sitharaman, if the GST Council suggests lowering the GST rates on life and health insurance plans, insurance premiums might go down.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"465\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/Untitled-design-4-6.jpg\" alt=\"Insurance Premium Can Reduce If GST On Insurance Is Lowered\" class=\"wp-image-1288099\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/Untitled-design-4-6.jpg 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/Untitled-design-4-6-300x140.jpg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/Untitled-design-4-6-768x357.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p>In a response to the Lok Sabha, she stated that the GST Council established a Group of Ministers (GoM) at its September 9 meeting to thoroughly examine GST matters pertaining to life and health insurance.<\/p>\n\n\n\n<p><strong>Insurance Premiums To Be Reduced: FM Nirmala Sitharaman&nbsp;<\/strong><\/p>\n\n\n\n<p>It is anticipated that policyholders&#8217; insurance costs will decrease if the GST rates on <a href=\"https:\/\/www.business-standard.com\/finance\/news\/insurance-premiums-may-drop-if-gst-council-decides-to-reduce-taxes-fm-124120200655_1.html\">these products are lowered.<\/a><\/p>\n\n\n\n<p>In response to a query on GST reduction as a step toward universal healthcare, Sitharaman affirmed the possible advantages of the measure.<\/p>\n\n\n\n<p>She underlined that competitive pricing will inevitably result in lower insurance rates when asked how to guarantee that insurers pass on the advantages of the GST cut to customers.<\/p>\n\n\n\n<p>In a competitive market, Sitharaman clarified, reducing GST will directly benefit policyholders by bringing down the cost of insurance premiums.<\/p>\n\n\n\n<p>At the moment, life and health insurance premiums are subject to an 18% GST.<\/p>\n\n\n\n<p>In her words, \u201c&#8230;The matter of review of GST rates on life and health insurance is pending before the GoM. If a recommendation for a reduction in GST rate is made by the GST Council, the cost of insurance to the policy holder is expected to come down on account of reduction in GST\u201d<\/p>\n\n\n\n<p><strong>GST Council To Meet On December 21 To Review GoM\u2019s Recommendations<\/strong><\/p>\n\n\n\n<p>On December 21, the GST Council, which Sitharaman chairs, will meet to review the GoM&#8217;s recommendations on GST reductions for health and life insurance.<\/p>\n\n\n\n<p>Life and health insurance policies generated \u20b916,398 crore in GST receipts during the 2023\u201324 fiscal year, which included \u20b98,135 crore from life insurance and \u20b98,263 crore from health insurance.<\/p>\n\n\n\n<p>Furthermore, \u20b92,045 crore in GST was collected from life and health insurance reinsurance, of which \u20b9561 crore came from life and \u20b91,484 crore from healthcare.<\/p>\n\n\n\n<p>On October 19, the GoM on life and health insurance met for the first time under the direction of Bihar Deputy Chief Minister Samrat Chaudhary.<\/p>\n\n\n\n<p>According to sources, the GoM has mostly decided to exclude the premiums for senior citizens&#8217; health insurance and term life insurance policies from GST.<\/p>\n\n\n\n<p>Additionally, it is planned to exclude health insurance premiums up to \u20b95 lakh for people, except elderly citizens, from GST.<\/p>\n\n\n\n<p>Health insurance policies that cover more than \u20b95 lakh would still be subject to an 18% GST.<\/p>\n\n\n\n<p>These recommendations are anticipated to be discussed during the December 21 meeting of the GST Council in Jaisalmer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Finance Minister Nirmala Sitharaman, if the GST Council suggests lowering the GST rates on life and health insurance plans, insurance premiums might go down. In a response to the Lok Sabha, she stated that the GST Council established a Group of Ministers (GoM) at its September 9 meeting to thoroughly examine GST matters [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":1288099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[753,6639],"class_list":["post-1288094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-insurance","tag-insurance-premium"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance Premium Can Reduce If GST On Insurance Is Lowered - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/insurance-premium-can-reduce-if-gst-on-insurance-is-lowered\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Premium Can Reduce If GST On Insurance Is Lowered - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"According to Finance Minister Nirmala Sitharaman, if the GST Council suggests lowering the GST rates on life and health insurance plans, insurance premiums might go down. 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