Lower GST on insurance likely to come with caps

New Delhi: The body that recommends goods and services tax (GST) rates may propose a lower levy on health and life insurance policies with annual premiums up to ₹50,000 to reduce the cost for lower and middle-income groups. The fitment committee may even suggest a cap on the sum assured for a lower GST levy or a combination of premium and sum assured. The committee is not in favour of a blanket GS…