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News on Medial
In Charts: Removing GST on health insurance may hurt Govt, but benefit India
Money Control
·
10m ago
Medial
The Indian government may face a revenue loss if the Goods and Services Tax (GST) on health and life insurance is reduced from 18 percent to 5 percent. The current GST on health insurance has brought in around Rs 8,262.9 crore in revenue. If the reduced rate is implemented, the projected revenue loss could be around Rs 6,000 crore to Rs 8,300 crore. However, the lower tax rate may encourage more people to obtain insurance coverage, which is currently low in India. The issue has been referred to a group of ministers for a decision by October 31.
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Related News
GST on health and life insurance premiums may be reduced: CNBC-Awaaz
Money Control
·
12m ago
Medial
The Goods and Services Tax (GST) Committee might not support the complete exemption of health and life insurance from taxation, according to sources. A proposal has been submitted to the GST rate rationalization committee to decrease the GST rate on premiums paid for health and life insurance from the current 18% to 5%. However, the committee is reportedly not in favor of fully exempting GST on insurance premiums. Shares of major insurance companies have reacted positively to the news. The committee will meet on August 22 to discuss the proposal.
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GST Council to deliberate on taxation of insurance premium, report on online gaming
YourStory
·
11m ago
Medial
The GST Council is set to discuss several issues, such as taxation of insurance premiums and rate rationalisation, during its meeting. The fitment committee is expected to present a report on the GST levied on life, health, and reinsurance premiums. The council will decide on reducing the tax burden on health insurance and potentially exempt certain individuals, such as senior citizens. There will also be discussions on the GST cut on life insurance premiums. Furthermore, the council will receive a status report on online gaming, including the revenue implications of the GST imposed on the sector.
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Profiteering worries cast cloud over GST cuts
Livemint
·
5d ago
Medial
Concerns over profiteering are delaying new GST tax cuts as businesses might not pass on the benefits to consumers. Previously, some real estate, multiplex, and consumer goods companies raised prices during tax reductions. This fear affects proposals for reducing taxes on insurance premiums and removing the 12% GST slab. The national anti-profiteering body was dissolved in 2022, and no effective replacement exists to counter such practices.
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GST Council likely to exempt term life insurance from tax, no change in investment-linked plans
Money Control
·
11m ago
Medial
The GST Council in India is expected to exempt term life insurance policies from the goods and services tax (GST) in an effort to boost demand for pure protection policies. The decision is expected to be made in a GST Council meeting on September 9. However, insurance policies with an investment component will continue to be taxed. This move is seen as a welcome step to make insurance more affordable and increase insurance penetration in India. Investment-linked life insurance plans will still attract GST and remain relatively costly.
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Sitharaman to meet state FMs for pre-Budget, GST Council meet on Dec 21-22
YourStory
·
8m ago
Medial
Union Finance Minister, Nirmala Sitharaman, is scheduled to meet with state finance ministers on December 21-22 for pre-budget consultations and a meeting of the Goods and Services Tax (GST) Council. During this meeting, state ministers will present their recommendations for the 2025-26 Budget, and discussions on exemption or lower GST rates for health and life insurance will take place. The Council may also consider reducing tax rates on common items from 12% to 5%. The meeting is likely to be held in either Jaisalmer or Jodhpur, Rajasthan. Discussions on rate rationalisation and the current four-tier tax structure under GST will also be held.
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GST Council likely to deliberate on exemption of health, life insurance on Sept 9
Money Control
·
11m ago
Medial
The GST Council is set to discuss the exemption of health and life insurance from the 18% GST levy at its meeting on September 9. The proposal is being examined by the Council's Fitment Committee, which evaluates rate rationalization suggestions. The decision will need to consider the potential revenue loss, and the committee's analysis and recommendations will play a crucial role in shaping the Council's final decision. Union Minister for Road, Transport and Highways Nitin Gadkari has formally appealed for the withdrawal of GST on life and medical insurance premiums, emphasizing that taxing these essential services restricts their accessibility and growth.
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No proposal to merge public sector general insurance companies: Govt
Money Control
·
1y ago
Medial
The Indian government has stated that there are currently no plans to merge public sector general insurance companies. In recent years, Rs 17,450 crore was invested in Oriental Insurance, National Insurance, and United India Insurance to support their growth. The proposed merger of these three companies into a single entity, announced in the 2018-19 Budget, has faced obstacles primarily due to their poor financial health. Additionally, it was revealed that non-performing assets in the MSME sector amount to Rs 1.25 lakh crore, accounting for 4.46% of total loans and advances.
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Planning to port your health insurance policy to another insurer? Remember these points - The Economic Times
Economic Times
·
1m ago
Medial
Porting health insurance allows policyholders to switch insurers while retaining benefits like no-claim bonuses and waiting period credits. The new insurer can reject the porting request based on health status. It's recommended to apply 30-45 days before renewal. Long-term policyholders (over four years) face easier porting without new underwriting. There are no charges for porting, but premiums may adjust based on age and health. Review policy terms carefully to ensure comparable coverage when switching insurers.
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Ecommerce sellers count on cash-flow gains from GST cut
Economic Times
·
1y ago
Medial
The Goods and Services Tax (GST) council has recommended a reduction in tax collected at source (TCS) for online commerce platforms. The TCS would be reduced from 1% to 0.5%, benefiting sellers and brands operating on platforms like Amazon and Flipkart. This reduction would help free up cash flow, allowing businesses to reinvest in their operations. However, restaurants selling through food delivery platforms may not benefit as much, as they are charged GST directly by the platform. Only the sale of specific products like ice creams and desserts will benefit from the reduced TCS.
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Buying a car or just helping govt fill coffers? CA shares harsh middle-class reality of owing car in India
Economic Times
·
1m ago
Medial
CA Arvind C Thomas's LinkedIn post highlights the heavy tax burden on car purchases in India, revealing that nearly ₹6 lakh in taxes apply to a Hyundai Creta's invoice, nearly 46% of its base price. This encompasses GST (28%), Compensation Cess (17%), and TCS (1%), excluding additional expenses like road tax, insurance, and registration. The post questions whether buying a car serves personal needs or governmental revenue, sparking discussion on tax impacts on the middle class.
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