Individual Life And Health Insurance Policies To Be Exempt From GST

The GST on health and insurance products, which stood at 18 per cent, has been cut to zero, in a major revamp of the GST rate structure.

The Goods and Services Tax (GST) Council announced today that only two rates will remain from September 22 - 5 per cent and 18 per cent.

The GST Council, chaired by Finance Minister Nirmala Sitharaman, cut the current four slabs down to two - scrapping the 12 per cent and 28 per cent rates, while retaining the 5 per cent and 18 per cent slabs.

The Goods and Services Tax (GST) Council announced today that only two rates will remain from September 22 - 5 per cent and 18 per cent.

The complicated GST slabs that gave headaches to small traders after the flagship tax overhaul came into effect eight years ago, was cleaned up by the government today, leaving only two slabs -- 5 and 18 per cent.

September is crucial for managing your finances efficiently. Completing these tasks on time can save you from unnecessary difficulties later.

The Goods and Services Tax Council has approved measures to ease burden of compliance on businesses, sources told NDTV Wednesday evening.

Rationalisation of the GST framework - a process that began this morning with Finance Minister Nirmala Sitharaman chairing a GST Council meet - is based on sharp differences in revenue collected under each of the existing four slabs.

High hopes ride on the 56th GST Council meeting as it takes up proposals to simplify slabs and slash rates on key goods and services.

The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.

The auto industry is expecting some major changes from the GST Council meeting, which is scheduled to begin on September 3.

The Goods, Services Tax Council, led by Finance Minister Nirmala Sitharaman, begins a two-day meet today eto discuss a shift to a two-slab system expected to slash prices of daily-use items by reducing the brackets under which most goods are taxed.

A tax panel has proposed steep increases in consumer levies on luxury electric cars priced above $46,000, a government document showed, a move that could impact sales of carmakers such as Tesla, Mercedes-Benz, BMW and BYD.

At present, GST on premium economy, business, and first-class tickets is uniformly 12 per cent, applicable across all flights.