(MENAFN- Live Mint) GST Council meet today: The Goods and Services Tax (GST) Council, led by Union Finance Minister Nirmala Sitharaman and comprising state finance ministers and tax officials, is scheduled to meet today (September 9).
The GST Council is expected to discuss various topics, including the taxation of insurance premiums, suggestions on rate rationalisation from the Group of Ministers (GoM), and a status report on online gaming revenues, sources told PTI.
Further, the fitment committee is expected to present a report on GST levied on life, health and reinsurance premiums and the revenue implications, the sources added.
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Here's What We Can Expect To Be On The Agenda Taxation on Health Insurance, Life Insurance GST Council will deliberate on whether to reduce the tax burden on health insurance from the current 18 per cent or exempt certain categories of individuals, such as senior citizens, PTI reported.
The deliberations will also happen with regard to a GST cut on life insurance premiums. Notably, the Centre and states mopped up ₹8,262.94 crore from GST on health insurance premiums and ₹1,484.36 crore from GST on health reinsurance premiums, it added.
This is a contentious issue that has been raised in the Parliament as well, with opposition leaders and fellow BJP leader and Union Transport Minister Nitin Gadkari demanding GST exemption on health and life insurance premiums.
In her reply during the Finance Bill discussion, Sitharaman stated that 75 per cent of insurance GST goes to states, and it is the state finance ministers who must bring the proposal to the Council.
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Rate Rationalisation West Bengal Finance Minister Chandrima Bhattacharya raised the issue of rate rationalisation during the August GoM meeting, the report said, and the matter was referred to the fitment committee for further data analysis.
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