Tax on insurance likely to be cut to 5% at GST Council meet

Between FY22 and FY24 the total GST collected from health insurance premiums was about Rs 21,000 crore. (Freepik) The Goods and Services Tax ( GST ) Council will likely meet in June or early July to consider reducing the tax rate on health and life insurance to 5% with input tax credit ( ITC ) from 18%, among other rationalisations. Among other matters, the Council may examine the GoM report on ra…