GST relief on insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has spoken about reducing GST on health and life insurance premiums. The group of ministers (GOM) is expected to meet in April. According to the report of Moneycontrol, the council may consider the proposals in its next meeting to be held in May under the chairmanship of Bihar Deputy Chief Minister Samrat Chaudhary.

GOM meeting may be held in April

The official said, IRDAI has given its opinion on lowering GST on life and health insurance. Now IRDAI has also joined this discussion. The GOM meeting can be held on this in April. After this, the report will be submitted to the GST Council. The GST Council can give relief on GST on life and health insurance in its next meeting.

The meeting will be held in the late April or early May. Then perhaps this case of insurance will also be resolved. There was a consensus in the states to completely eliminate the 18 percent tax on the term insurance plan. Due to no comment from IRDAI, the decision was not being made on the decision.

Report expected to be finalized soon

The official said that IRDAI is also required to be included in this entire discussion so that it cannot be alleged that no talk was made to them. After reviewing the comments made by IRDAI, the Group of Ministers constituted under the chairmanship of Emperor Chaudhary will finalize its report. The GST Council had earlier deferred the decision to give exemption in GST on health and life insurance premiums or to reduce it till further information from the regulator in its meeting on 21 December.

These are included in GOM

The 13 -member ministers include Uttar Pradesh Finance Minister Suresh Kumar Khanna, West Bengal Finance Minister Chandima Bhattacharya and Kerala Finance Minister KN Balgopal. Other members include Rajasthan Health Minister Gajendra Singh, Karnataka Revenue Minister Krishna Bayere Gowda and Goa Chief Minister Pramod Sawant.

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