GST relief on health insurance may lead to Rs 3,500 crore revenue loss, says govt official

In the upcoming Goods and Services Tax (GST) Council meeting on September 9, a significant proposal is under consideration that could have wide-reaching implications for the insurance sector and the government exchequer. The potential exemption of health insurance from GST is estimated to cause an annual revenue loss of Rs 3,500 crore, according to a government official. “If we exempt full h…