Union Finance Minister Nirmala Sitharaman is chairing the 55th meeting of the Goods and Services Tax (GST) Council which is underway in Jaisalmer of Rajasthan on Saturday.
The participants in the meeting include the Minister of State for Finance, Pankaj Chaudhary, Chief Ministers of Goa, Haryana, Jammu and Kashmir, Meghalaya and Odisha.
The Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, Rajasthan and Telangana are also present in the meeting along with the Finance Ministers of States/UTs, Secretary of Department of Revenue, Chairmen and Members of Central Board of Indirect Taxes & Customs (CBIC) and other senior officials of the Finance Ministry.
The Finance Ministry’s post on social media X added, “Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chairs the 55th meeting of the GST Council, in Jaisalmer, Rajasthan, today.”
The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including tax rates, exemptions, and administrative procedures.
Though official agenda for the meeting is not in public domain, but sources asserted that the proposed rationalisation of GST rates on health and life insurance products will be on the agenda in Saturday meeting.
Sources had said that the Group of Ministers on insurance, chaired by Bihar Minister Samrat Chaudhary, has submitted the report to the GST Council.
The Group of Ministers was tasked to look into GST rates related to medical insurance and come up with a report so that the GST Council could take up the matter. Both life insurance and medical insurance premiums attract a GST rate of 18 per cent.
GST rates and exemptions are prescribed on the recommendations of the GST Council, which is a Constitutional body comprising representatives from States/UTs and the Centre.
Many leaders from opposition-ruled states have requested Finance Minister Sitharaman to reduce GST on medical insurance and premiums. West Bengal Chief Minister Mamata Banerjee is one of them. The INDIA alliance leaders held a protest against the Central government outside the Parliament during the monsoon session of Parliament in August, demanding to roll back GST on health and life insurance products. Congress leader Rahul Gandhi had also joined the protest.
The issue of GST on life and health insurance was placed before the GST Council in its 54th Meeting held on September 9, 2024, in New Delhi.
After detailed deliberations, the GST Council recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance. (ANI)
