GST on insurance premia fetched ₹52,000 cr in 5 years

As GST Council prepares to take a call on restructuring rate on various insurance products, government told the Lok Sabha on Monday that GST on insurance premia fetched over ₹52,000 crore in last 5 years. Centre also said GST collection from unexempted educational services was around ₹12,000 crore. It may be noted that going by the formula of distribution and devolution, States are major beneficia…