Centre rethinks on GST waiver for insurance

The Centre may push back against a proposal to give goods and services tax (GST) exemption for certain insurance policies, as it reckons that this would raise the cost of insurers, leading a firming up of premium amounts. However, it will strongly pitch for a major reduction in the GST rates for insurance sector. This view may be conveyed to the GST Council as it meets next. The Council is likely…