GST reform push: Centre proposes GST exemption on life and health insurance; GoM to submit report by October

The Centre has proposed exempting individual life and health insurance policies from GST, according to Bihar Deputy CM Samrat Choudhary. Currently, insurance premiums are subject to an 18% GST. The GoM is preparing a report for the GST Council, which will make the final decision on rates, potentially impacting significant GST collections.