07.12.2021- No proposal under consideration to reduce GST on health insurance premium: MoS Finance

No proposal under consideration to reduce GST on health insurance premium: MoS Finance

Minister of State for Finance Bhagwat K Karad on Monday said there is no recommendation under consideration of the GST Council to reduce Goods and Services Tax (GST) on health insurance premium.

In a written reply to the Lok Sabha, Karad said the GST levied on health insurance premium is 18 per cent.

“The rate of GST is decided on the recommendations of the GST Council, which is a constitutional body comprising members from the central government and state governments. At present, no recommendation to reduce the GST rate on health insurance premium is under consideration of the GST Council,” he said.

Replying to another question, Karad said, expansion of health insurance on commercial basis lies in the domain of insurers, which draw up their business and growth strategies with the approval of their respective boards, and economies of scale from such expansion help bring in cost efficiencies.

Source- THE ECONOMIC TIMES

https://m.economictimes.com/industry/banking/finance/insure/no-proposal-under-consideration-to-reduce-gst-on-health-insurance-premium-mos-finance/amp_articleshow/88122722.cms

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