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Recommendations of the GoM on life and medical insurance will certainly be positioned prior to the GST Council when gotten
GST on medical insurance solutions and pure term life insurance policy solutions is imposed at conventional price of 18 percent.
Recommendations of the Group of Ministers (GoM) considering concerns concerning GST on life and medical insurance will certainly be positioned prior to the GST Council when gotten, Parliament was educated on Monday.
The concern of exempting/reducing GST on life and medical insurance was positioned prior to the GST Council in its 54th conference on September 9, 2024.
After comprehensive considerations, the Council suggested comprising a GoM to holistically check into concerns concerning GST on life and medical insurance. Accordingly, a GoM was comprised under the Chairmanship of Samrat Chaudhary, Deputy Chief Minister of Bihar.
First conference of the GoM was hung on October 19, 2024 at New Delhi where concerns of GST price on health and wellness and life insurance policy plans were talked about, Minister of State for Finance Pankaj Chaudhary stated in a written respond to the Lok Sabha.
“Recommendations of the GoM when gotten will certainly be positioned prior to the GST Council,” he stated.
GST on health insurance services and pure term life insurance services is levied at standard rate of 18 per cent.
GST rates and exemptions on all services (including health and life insurance) are prescribed on recommendations of the GST Council, a constitutional body comprising members from both the Union and State/UT governments.
Replying to another question, the minister informed the House that revenue generated from GST on healthcare and life insurance services was Rs 8,263 crore and Rs 8,135 crore, respectively during fiscal 2023-24, as against Rs 7,638 crore and Rs 9,132 crore in the preceding financial year.
In reply to a question on forex reserves, Chaudhary said as at end-September 2024, the Reserve Bank of India held 854.73 metric tonne of gold, out of which 510.46 metric tonne is held domestically.
The total value of gold holdings is USD 65.75 billion as at end-September 2024, he said.
As per official reserve assets data available on IMF website, India had 4th largest forex reserves after China, Japan, and Switzerland, as of September 2024.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
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