Min panel may propose 5% GST with ITC benefit on term plans

New Delhi: A ministerial panel tasked by the Goods and Service Tax (GST) council to explore feasibility of levying taxes on insurance products may recommend a 5% GST with input tax credit on term plans, officials said. The Group of Ministers (GoM), headed by Bihar deputy chief minister Samrat Chaudhary, on Friday asked the fitment committee, under the council, to examine the tax impact of the prop…