Health insurance tax relief coming soon? GST Council may consider lowering tax rates on insurance in December meeting

The GST Council is likely to consider lowering the tax rate on certain insurance plans, including potentially eliminating the 18% tax on term life insurance. They may also eliminate the tax on health insurance for senior citizens and those with coverage up to Rs 5 lakh. However, broader GST changes are unlikely due to concerns from some states about potential revenue loss.
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