GST reforms push: States back Centre’s plan to exempt life and health insurance premiums, GST council to take final call

GST on individual life and health insurance policies may soon be exempt, with states backing the Centre’s proposal to bring tax on such premium payments down to ‘nil’ from the current 18 per cent.Groups of Ministers (GoMs) on Health and Life Insurance and on Compensation Cess met on Wednesday to consider the Centre’s “next-gen” GST reforms plan. The proposal aims to streamline rates to two slabs—5…