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GST Reform: Life & Health Insurance Premiums Tax-Free?

21 Aug, 2025

The Group of Ministers in India is pushing for a significant change in the GST framework by seeking a 0% tax rate on life and health insurance premiums, currently taxed at 18%. This proposal, which could impact ₹9,700 crore in revenue, follows Prime Minister Modi's recent GST cuts aimed at revitalizing the economy amidst global trade tensions. The GST Council, led by Finance Minister Nirmala Sitharaman, will make the final decision in the upcoming months. The proposed reforms aim to simplify the tax structure and reduce costs for essential goods, making them more affordable for citizens.

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