GST Council Delays Decision On Tax Cuts For Insurance Premiums

The GST Council, led by Finance Minister Nirmala Sitharaman, postponed the decision to reduce taxes on life and health insurance premiums. Further technical consultations are needed, with a Group of Ministers meeting again in January to resolve the matter. Proposed exemptions include waiving GST on term life insurance and health insurance premiums for senior citizens and individuals under Rs 5 lakh.