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- GST Council formed a Group of Ministers (GoM) to suggest GST rates on health and life insurance products.
- A 13-member Group of Ministers (GoM) will suggest a GST rate on premiums of various health and life insurance.
- Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM.
- At the 54th GST Council meeting on September 9, a GoM was set up to decide the GST rate on health and life insurance products.
- Currently, 18 per cent Goods and Services Tax (GST) is on insurance premiums.
- The Group of Ministers (GoM) will submit its report by October 30, 2024.
- In 2023-24, the centre and states collected Rs 8,262.94 crore through GST on health insurance premiums.
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