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Finance Minister Nirmala Sitharaman arrived in Jaisalmer for the upcoming GST Council meeting scheduled for Saturday.
Sitharaman was welcomed by Rajasthan's Deputy Chief Minister Diya Kumari and other state government officials upon her arrival at the Jaisalmer airport. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including tax rates, exemptions, and administrative procedures. Though official agenda for the meeting is not in public domain, but sources asserted that the proposed rationalisation of GST rates on health and life insurance products will be on the agenda in Saturday meeting. Sources had said that the Group of Ministers on insurance, chaired by Bihar Minister Samrat Chaudhary, has submitted the report to the GST Council. The Group of Ministers was tasked to look into GST rates related to medical insurance and come up with a report so that the GST Council could take up the matter. Both life insurance and medical insurance premiums attract a GST rate of 18 per cent. GST rates and exemptions are prescribed on the recommendations of the GST Council, which is a Constitutional body comprising representatives from States/UTs and the Centre. Many leaders from opposition-ruled states have requested Finance Minister Sitharaman to reduce GST on medical insurance and premiums. West Bengal Chief Minister Mamata Banerjee is one of them. The INDIA alliance leaders held a protest against the Central government outside the Parliament during the monsoon session of Parliament in August, demanding to roll back GST on health and life insurance products. Congress leader Rahul Gandhi had also joined the protest. The issue of GST on life and health insurance was placed before the GST Council in its 54th Meeting held on September 9, 2024, in New Delhi. After detailed deliberations, the GST Council recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance. (ANI)
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