Jaisalmer : Jaisalmer The 55th meeting of the GST Council will be held in Jaisalmer on 21st December. The meeting will be held under the chairmanship of Union Finance Minister Nirmala Sitharaman. Finance ministers of all states will also participate in this meeting. Changes in the tax slabs of many items are expected in the GST Council meeting to be held in Jaisalmer. Actually, earlier this meeting was to be held in the first week of November, which is going to be held in December. In this meeting, the Finance Ministers of the states will also present their suggestions related to the budget for the next financial year 2025-26, which will be presented in the Parliament on February 1, 2025.
Possibility of change in GST rate on insurance
According to experts, many important decisions can be taken in the 55th meeting of the GST Council to be held on December 21, the most important of which is the proposal of exemption from GST on the premium of term life insurance policy. A committee of state ministers has presented its report on this. In October 2024, the Group of Ministers (GoM) on Health and Life Insurance had agreed to exclude term life insurance policy premiums from GST. Apart from this, a proposal to give exemption from GST on health insurance premium of senior citizens can also be passed.
Possibility of getting discount on health insurance premium also
In this meeting of the GST Council, there is a possibility that health insurance premium up to Rs 5 lakh can be exempted from GST. However, GST will continue to be applicable on premiums for policies covering more than Rs 5 lakh. This may provide a boost to the health and life insurance market, especially for those who have minimal health and life insurance cover.
