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GST on life and health insurance premium may be reduced, council will meet on Monday – AnyTV News

by Aaryan Srivastav
September 8, 2024
GST on life and health insurance premium may be reduced, council will meet on Monday - India TV Hindi

Photo: PIXABAY GST on Life Insurance

The GST Council is likely to consider issues including the Group of Ministers’ suggestion on rationalisation of taxation and rates on insurance premium and a status report on online gaming in its meeting on Monday. The Fitment Committee will submit a report on the GST levy on life, health and reinsurance premiums and its revenue impact, sources said. The committee comprises tax officials from the Centre and states. The GST Council, headed by Finance Minister Nirmala Sitharaman, will decide on whether the tax burden on health insurance should be reduced from the current 18 per cent or certain categories of individuals, such as senior citizens, should be exempted. The council comprises finance ministers of states.

GST may be reduced on life insurance premium

There is also a possibility of discussions regarding reduction in Goods and Services Tax (GST) on life insurance premium. The Center and the states received Rs 8,262.94 crore through GST on health insurance premium in 2023-24. While Rs 1,484.36 crore was received from GST on health reinsurance premium. The issue of taxation on insurance premium has been raised in Parliament. Opposition members demanded that health and life insurance premiums be kept free from GST. Road Transport and Highways Minister Nitin Gadkari has also written a letter to Sitharaman on this issue. Finance Minister Nirmala Sitharaman, while responding to the discussion on the Finance Bill, had said that 75 percent of the GST receipts go to the states and opposition members should ask their state finance ministers to bring a proposal in the GST Council.

The issue was raised in the GoM meeting

West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in a meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the Fitment Committee for further analysis. The Group of Ministers (GoM) had disagreed with any change in the four-tier GST slabs of 5, 12, 18 and 28 per cent for the time being. However, the group had asked the Fitment Committee to consider the possibility of rationalising the rates of goods and services. The Council is also likely to be apprised of the ongoing campaign against fake registrations, its success and action taken against such entities. The total amount of suspected GST evasion will also be placed before the Council. Also, the Council will approve notifications including the exemption or amnesty scheme announced in the last meeting. Various amendments to the GST law decided in the Council meeting held on June 22 were approved in Parliament through the Finance Act, 2024.

GST on online gaming

The central and state tax authorities will submit a ‘status report’ to the GST Council regarding online gaming. The report will include GST revenue collection from the online gaming sector before and after October 1, 2023. Entry-level bets placed on online gaming platforms and casinos from October 1, 2023 are attracting 28 per cent GST. Earlier, many online gaming companies were not paying 28 per cent GST, arguing that there were different tax rates for games of skill and games of luck. The GST Council had clarified in its meeting in August 2023 that online gaming platforms will have to pay 28 per cent tax. Later, the Central GST law was amended to clarify the taxation provision. It was also made mandatory for foreign gaming platforms to register with GST authorities and pay taxes. If they do not do so, the government will block such sites. The Council had then decided that taxation on the online gaming sector will be reviewed six months after its implementation. Sources said the council will discuss the taxation status of the sector. There is no possibility of any change in tax rates in this case.

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