India State Ministers Panel Proposes Zero GST on Insurance (1)

India state ministers panel has proposed exempting premium paid for health and life insurance from goods and services tax, Bihar deputy chief minister Samrat Chaudhary told reporters in New Delhi.

• The proposal was made by the federal government, Chaudhary said
  • Panel has requested the exemption for individuals
• NOTE: The panel of state ministers met Wednesday to discuss the GST rate rationalization
• Estimate revenue loss of 97 billion rupees ($1.1 billion) due to the exemption, Telangana deputy Chief Minister Mallu Bhatti Vikramarka said separately
• The panel’s recommendation would be taken up by the GST council when it meets next month or ...