‘Detailed report on insurance premium next…’, said Samrat Chaudhary after the GST Council meeting

Samrat Chaudhary: Deputy Chief Minister Samrat Chaudhary represented the Bihar government in the 55th meeting of the GST Council in Jaisalmer, Rajasthan. After this, Chairman of the Group of Ministers, Samrat Chaudhary said on Saturday that the GOM has prepared a detailed report on GST decisions related to many insurances. The proposal for tax exemption on insurance premium will be presented in the next meeting of the GST Council.

What did Bihar Deputy CM Samrat Chaudhary say?

On the 55th GST Council meeting 2024, Bihar Deputy CM Samrat Chaudhary said, “In the report of the GST Council which was to be submitted, many members suggested that another meeting should be held and a decision should be taken regarding the report on insurance policies. Said that in the next meeting, GST exemption on premium paid for policies, be it individual insurance, be it group insurance, insurance for disabled or insurance for senior citizens, will be considered.

#WATCH Jaisalmer (Rajasthan): On the 55th GST Council meeting 2024, Bihar Deputy CM Samrat Choudhary said, “In the report of the GST Council which was to be submitted, many people have suggested that we should hold the meeting once more, whether it is group insurance or If there is individual insurance… pic.twitter.com/bgSYHKKJhD

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GOM had given the proposal in November itself

Let us tell you that in November, GOM had suggested exemption from GST on the premium paid for term life insurance policy. It was also proposed to exempt from GST the premium paid for health insurance cover by senior citizens. Exemption on health insurance premium covering policies up to Rs 5 lakh was recommended for individuals other than senior citizens. Now the GST Council will further discuss the recommendations in its next meeting. The next meeting of the GST Council will be held in January.

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