Reduced GST Rate: GST News: A number of opposition parties, including Union Road Transport Minister Nitin Gadkari, had voiced concerns over the additional 18% GST on health and life insurance premiums.
Reduced GST Rate: GST News: By December, people with life and health insurance may be able to get out of costly coverage. In anticipation of the November GST Council meeting, plans are underway to lower the GST rates on life and health insurance products. On October 19, a group of ministers will get together to go over this in more depth. Nonetheless, adjustments to the GST slabs pertaining to other goods are also being thought about. Many items might have their GST rate lowered from 12 to 5 percent.
Reduced GST Rate: There was no agreement at the previous meeting.
Two GST-related issues are being considered by the Group of Ministers. One of these issues is the 18% GST on health and life insurance premiums, which has been criticized by the opposition parties and Union Road Transport Minister Nitin Gadkari. The issue of lowering GST rates was referred to the Group of Ministers after the Council’s most recent meeting ended without an agreement.
Reduced GST Rate: The 13-person ministerial group will now discuss
Reduced GST Rate: Moreover, efforts to raise GST rates are stepping up.
Rationalizing the GST rates is another goal of the Group of Ministers, whose meeting is scheduled for October 20. The GST rate on a number of items can be lowered from 12% to 5% during this meeting. It is anticipated that the GST rate will be lowered on a number of significant commodities, such as two-wheelers and bottled water. It is possible to lower the GST rate on around 100 of these items while raising the GST rate on other items.
