Constitution of Group of Ministers on Life and Health Insurance · F.No. 406/GoMonLife&HealthInsurance/GSTC/2024
CBIC / GST update F.No. 406/GoMonLife&HealthInsurance/GSTC/2024 · 15 Sept 2024
Official title
GoM constituted on Life and Health Insurance
Official record
Open source pageSummary
Check the official recordWhat changed
The GST Council constitutes a Group of Ministers to review the Goods and Services Tax structure for life and health insurance. The group examines current tax rates for individual, group, and family floater medical insurance. It also reviews term insurance and investment-linked life insurance plans. The group evaluates tax rates for re-insurance products. The members must submit a report with their suggestions by 30 October 2024. The Joint Secretary of TRU-II provides secretarial assistance to the group.
What you must do
- The Group of Ministers must submit a report on GST rates for life and health insurance.
Key dates
- Deadline for submission of the report
- 30 Oct 2024
Who is affected
Document text
OFFICE OF THE GOODS AND SERVICES TAX COUNCIL SECRETARIAT 5th Floor, Tower-II, Jeevan Bharti Building, Connaught Place, New Delhi-110001
F.No. 406/GoMonLife&HealthInsurance/GSTC/2024 15-09-2024
OFFICE MEMORANDUM
Subject: Constitution of Group of Ministers (GoM) on Life and Health Insurance
In its 54th Meeting held on 09.09.2024 in New Delhi, the GST Council discussed the need to holistically look into the issues pertaining to GST on life insurance and health insurance.
- In the aforesaid meeting, the GST Council recommended to constitute a GoM to look into the issues related to GST on life insurance and health insurance. Accordingly, a Group of Ministers on Life and Health Insurance is being constituted with the following composition:
| S.No | Name | Designation and State | Position |
|---|---|---|---|
| 1 | Sh. Samrat Choudhary | Deputy Chief Minister, Bihar | Convenor |
| 2 | Sh.Suresh Kumar Khanna | Minister of Finance, Parliamentary Affairs, UP | Member |
| 3 | Sh. Gajendra Singh | Minister of Medical Health and Services (ESI), Rajasthan | Member |
| 4 | Smt.Chandrima Bhattacharya | Finance Minister, West Bengal | Member |
| 5 | Sh. Krishna Byre Gowda | Minister for Revenue, Karnataka | Member |
| 6 | Sh. K. N. Balagopal | Minister for Finance, Kerala | Member |
| 7 | Sh. Payyavula Keshav | Minister for Finance, Planning, Commercial Taxes and Legislative Affairs, Andhra Pradesh | Member |
| 8 | Dr. Pramod P. Sawant | Chief Minister, Goa | Member |
| 9 | Sh. Kanubhai Desai | Minister for Finance, Gujarat | Member |
| 10 | Sh. Conrad K. Sangma | Chief Minister, Meghalaya | Member |
| 11 | Sh. Harpal Singh Cheema | Finance Minister, Punjab | Member |
| 12 | Sh. Thangam Thennarasu | Minister for Finance and Human Resources Management, Tamil Nadu | Member |
| 13 | Sh. Mallu Bhatti Vikramarka | Deputy Chief Minister and Minister for Finance, Telangana | Member |
- The Terms of Reference for the GoM on Life and Health Insurance is
(i) to examine and review the present tax structure of GST on life and medical insurance and
(ii) to suggest GST rates on
(a) health / medical insurance including individual, group, family floater and other medical insurance for various categories like senior citizens, middle class, persons with mental illness, etc;
(b) life insurance including term insurance, life insurance with investment plans, whether individual or group; and
(c) and re-insurance of the above.
-
The GoM is to submit the report by 30th of October 2024.
-
JS(TRU-II) shall provide necessary secretarial assistance to the GoM.
This issues with the approval of competent authority.
Signed by Reshma R Kurup Date: 15-09-2024 10:38:25
(RESHMA R KURUP) UNDER SECRETARY
To, The Hon'ble Members of the GoM.
Copy to:
- PS to Hon'ble Minister of Finance, Government of India, North Block, New Delhi;
- PS to Hon'ble Minister of State (Finance), Government of India, North Block, New Delhi;
- The Nodal Officers of the States of Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana with the request to intimate the Hon’ble Minister regarding their nomination as Members of the Group of Minister on Life and Health Insurance
- The Revenue Secretary, North Block, New Delhi;
- The Chairman, CBIC, North Block, New Delhi;
- Joint Secretary, TRU-II, CBIC
- All members of Fitment Committee
- Nodal officers of all the States.
UNDER SECRETARY
Source details
- Source
- Central Board of Indirect Taxes and Customs / GST
- Type
- update
- Published by source
- 15 Sept 2024
- Document number
- F.No. 406/GoMonLife&HealthInsurance/GSTC/2024
- Issuing division
- OFFICE OF THE GOODS AND SERVICES TAX COUNCIL SECRETARIAT
- Coverage area
- indirect-tax