Decision on insurance tax will be taken on 21 December in Jaisalmer

GST Council Meeting: The date of the 55th meeting of the Goods and Services Tax (GST) Council has come out. This meeting will be held on 21 December 2024 in Jaisalmer, Rajasthan. This has been confirmed by the GST Council itself through a tweet. In this meeting, important issues related to GST on health and life insurance will be discussed. In the last meeting, these topics were discussed in detail, but no final decision could be taken. Now this meeting can prove to be important in this direction.

Agenda of the meeting: What can be the possible decisions?

Many big issues are likely to be discussed in this meeting to be chaired by Union Finance Minister Nirmala Sitharaman. In these, a decision can be taken to reduce or exempt GST rates mainly on health and life insurance.

Apart from this, the proposal to reduce tax rates on items of common use can also be in discussion. The Committee of State Ministers (GoM) has suggested that the GST rate on some items of everyday use be reduced from 12% to 5%. This step can be taken with the aim of giving relief to consumers.

Focus on insurance sector

This meeting of the GST Council regarding the insurance sector is considered very important. In the last meeting held in September 2024, the Group of Ministers was directed to prepare a report by reviewing the GST rates on insurance. This report was to be finalized by the end of October. Now, on the basis of this report, a decision can be taken regarding tax rates on health and life insurance.

Moving towards reforms

This meeting of the GST Council will not be limited to insurance only. Other proposals will also be discussed with the aim of harmonizing GST rates and rationalizing tax rates on various services and goods. This meeting can prove to be important to balance tax collection between the states and the central government.

Jaisalmer: Meeting held in historical background

This time the GST Council meeting is being held in the historical city of Jaisalmer in Rajasthan. This meeting held in the backdrop of the desert will not only give new energy to the members of the Council but will also highlight the cultural and historical heritage of this region.

Conclusion

This meeting of the GST Council to be held on 21 December 2024 can prove to be important in many ways. Possible changes in GST rates on health and life insurance and decisions giving relief to common consumers can make this meeting special. Now it will be interesting to see what impact these decisions of the Council have on the tax system and consumers of the country.