GoM on GST on health, life insurance premium to meet on October 19

The ministerial panel to decide on lowering goods and services tax (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 and there have been demands to either exempt or reduce the tax.

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.

Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM.

The panel includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu, and Telangana.

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.

"The GoM on GST on insurance will meet on October 19 in Delhi," the official said.

The terms of re