GoM on GST on insurance premium to meet on October 19

New Delhi: The ministerial panel to decide on lowering GST on health and life insurance premiums will have its first meeting on October 19, officials said.

Currently, 18 per cent GST is levied on insurance premiums.

The GST Council in its meeting earlier this month decided to set up a 13-member GoM to decide on tax on health and life insurance premiums.

The GoM has been mandated to submit its report to the Council by October-end.

A final call by the council on taxation of insurance premiums is likely to be taken in the next meeting in November, based on the GoM report.