New Delhi. The Goods and Services Tax (GST) Council meeting will be held in Jaisalmer on December 21, in which a decision can be taken regarding exemption or lower rate from GST on health and life insurance. The council, headed by Union Finance Minister Nirmala Sitharaman and consisting of their state counterparts, can also take some decisions on harmonizing the rates. According to the recommendations of a committee of state ministers, tax rates on many items of common use can be reduced from 12 percent to five percent.
The GST Council posted on ‘X’, “The 55th meeting of the GST Council will be held in Jaisalmer, Rajasthan on December 21, 2024.” In its last meeting on September 9, the council had asked the GOM to submit a report on imposing GST on insurance. The report was to be finalized by the end of October. Last month, a Group of Ministers (GoM) meeting was held regarding the imposition of GST on health and life insurance products.