GST Council may lower tax on health insurance

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Categories: GST Recent News

The Goods and Services Tax (GST) Council in its upcoming meeting would consider two reports – on setting up Appellate Tribunals and decriminalisation of offences. According to sources, the Council could also take up the proposal on lowering the GST rate on health insurance to 12% from the current rate of 18%. It is still unclear if the council will review levies on online gaming, horse racing and casinos as well as on cryptocurrencies in the meeting.

The GST Council, chaired by finance minister Nirmala Sitharaman, is scheduled to meet via video-conferencing on December 17.

A  Group of Ministers on GST levy on online gaming, horse racing and casinos is yet to submit its report. “If the report is submitted before the meeting, it will be taken up,” said a source.

The GoM is understood to be in favour of levying 28% tax on online gaming, horse racing and casinos but there is no consensus on whether tax should be only on the fees or the entire consideration.

Sources said another proposal on levying GST on cryptocurrencies is unlikely to be discussed in the meeting as there continues to be need for greater clarity on the issue. “It calls for more discussion as it is a complex subject,” said a source.

A few States are also understood to be looking at raising the issue of extending the GST compensation period.

Source from: https://www.financialexpress.com/money/insurance/gst-council-may-lower-tax-on-health-insurance/2901544/

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