The GST Council is likely to consider lowering the tax rate on certain insurance plans, including potentially eliminating the 18% tax on term life insurance. They may also eliminate the tax on health insurance for senior citizens and those with coverage up to Rs 5 lakh. However, broader GST changes are unlikely due to concerns from some states about potential revenue loss.
from Banking/Finance-Industry-Economic Times https://ift.tt/eZH6jFk
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