GST 2.0 Tax Cuts Kick In, What You Need To Know

The Government's second major overhaul of the Goods and Services Tax (GST), referred to as "GST 2.0", comes into effect today, with a wide range of rate cuts. GST exemption on life insurance policies: All individual life insurance policies are now exempt from GST. This includes term insurance plans, endowment policies, and unit-linked insurance plans (ULIPs). Reinsurance of these individual life policies has also been brought under the exemption. GST exemption on health insurance: Individual health insurance policies, including family plans and senior citizen-specific health policies, are exempt from GST under GST 2.0.