What is the significance of government review on 18% GST on health and life covers
Group of Ministers (GoM) has been established to evaluate the impact of the 18% GST on health and life insurance policies.
1.
- The establishment of a Group of Ministers (GoM) to review the impact of the 18% GST on health and life insurance policies demonstrates the government's recognition of the potential burden on policyholders.
2.
- The review aims to assess how the GST rate affects the affordability of health and life insurance products for the general public.
3.
- The outcome of the review could lead to potential revisions in the GST rate, aimed at making insurance policies more accessible and affordable for a larger segment of the population.
4.
- The government's evaluation of the GST rate on insurance policies reflects its commitment to promoting financial inclusion and ensuring adequate coverage for healthcare and life protection.
5.
- The GoM's findings and subsequent recommendations may influence future policies related to taxation on insurance products, impacting both insurers and policyholders.
Answered
8 months ago