BTTV Exclusive: GST Council To Decide Reducing Tax On Health Insurance Premiums

#HealthInsuranceTax #GSTCouncil #TaxReduction #InsurancePremiums #BTTVExclusive
The 54th GST Council will be convened on 09th September, 2024 in Delhi. The Fitment Committee comprising of centre and state revenue officials has reviewed the proposal to reduce the Goods and Services Tax (GST) on individual health insurance premiums but has stopped short of recommending an outright reduction. After extensive deliberations, the committee has left the final decision to the GST Council, presenting them with various options based on potential revenue implications. The proposal, initiated by the Department of Financial Services (DFS) under the Ministry of Finance, aims to make health insurance more affordable by lowering the GST rate from the current 18% to 5% without input tax credit (ITC). Despite considering these scenarios, the committee refrained from making a specific recommendation, emphasizing the need for the GST Council to evaluate the options based on the broader financial and social implications. Karishma Asoodani brings you the detailed report
-----------------------
Thank You for watching! Do not forget to Like | Comment | Share
-----------------------
About the channel
Watch us for the best news and views on business, stock markets, crypto currencies, consumer technology, the world of real estate, bullion, automobiles, start-ups and unicorns and personal finance. Business Today TV will also bring you all you need to know about mutual funds, insurance, loans and pension plans among others.
Follow us at:
Website: https://www.businesstoday.in
WhatsApp: whatsapp.com/channel/0029Va4Hd309hXFCqY62yD2I
Facebook:   / businesstoday  
twitter:   / business_today  
Instagram:   / business_today