Representational image.
New Delhi: The Goods and Services Tax (GST) on premiums paid by senior citizens for health insurance and premiums paid by all for term life insurance may be exempted. Most members of a ministerial panel set up specifically to study this agreed in favour of extending such relief on Saturday.
Separately, the Group of Ministers (GoM) on rate rationalisation also discussed a GST rejig for several items and proposed cutting rates for some items such as packaged water above 20 litres (5 per cent from 18 per cent), bicycles priced less than Rs 10,000 (5 per cent from 12 per cent) and exercise notebooks (5 per cent from 12 per cent.
Shoes above Rs 15,000 and wristwatches above Rs 25,000 are likely to be shifted to the topmost slab of 28 per cent GST from 18 per cent now, a state finance minister said. This rate rejig exercise will help the states and Centre to realise revenue gain of Rs 22,000 crore, which will help cover the revenue loss from the reduction in GST rates for insurance premiums and other items, the minister said, according to The Indian Express.
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