The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, has postponed the decision on reducing GST rates for health and life insurance premiums. The delay follows a lack of consensus within the Group of Ministers (GoM) tasked with reviewing the proposal.
Bihar Deputy Chief Minister Samrat Chowdhary confirmed the deferment, stating that additional deliberations are required. “We felt there should be one more meeting on this,” he said, noting that the GoM is expected to reconvene in January to continue discussions.
State Finance Minister Suresh Kumar Khanna added that inputs from the Insurance Regulatory and Development Authority of India (IRDAI) are being sought to further assess the potential impact of reducing GST on insurance premiums.
The proposal, which has been under consideration for some time, aims to make insurance more affordable but requires further clarity before a final decision is reached.
