The GST Council has not beneficial discount of the 18 per cent GST charge on health insurance coverage schemes, Finance Minister Nirmala Sitharaman advised the Parliament on Monday.
At current, GST on health insurance coverage companies is levied at a typical charge of 18 per cent.
“Health insurance coverage, like majority of different taxable provides, is commonplace rated at 18 per cent. In pre-GST regime additionally, health insurance coverage was commonplace rated,” Sitharaman advised the Lok Sabha in a written reply.
“A major reduction in GST has been supplied by means of exemption to above acknowledged insurance coverage schemes catering to economically weaker sections of the society and otherwise abled. Further, healthcare companies are additionally exempt from GST.”
Health insurance coverage schemes catering to the wants of economically weaker sections of the society and otherwise abled, such because the Rashtriya Swasthya Bima Yojana, the Universal Health Insurance Scheme, the Jan Argoya Bima Policy, and the Niramaya Health Insurance Scheme are totally exempt from GST.
According to Sitharaman, representations to scale back the GST on health insurance coverage have been positioned earlier than the Council in its thirty first assembly held on December 22, 2018 and in its thirty seventh assembly held on September 20, 2019.
“GST Council did not make suggestion for discount of GST,” she added.
–IANS
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(Only the headline and movie of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)
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