New Delhi, Sep 9 (UNI) The all-powerful GST Council on Monday decided to defer the decision on cutting tax rates on medical insurance premiums and referred the matter to a Group of Ministers (GoM) which will submit its report by October this year.
The decision on the issue would be taken in the next GST Council meeting.
“Two new GoMs have been decided. One is on the medical and health insurance. It will be the rate rationalisation GoM headed by deputy chief minister of Bihar but with newer members added for this limited purpose,” Union Finance Minister Nirmala Sitharaman said after the meeting of 54th GST Council meeting here today.
The Minister said that the other GoM is for Compensation cess.
During the last Parliament session, many Opposition leaders had pressed for removing the 18% GST levied on medical insurance premiums.
The Finance Minister who chairs the GST Council meeting said that the GoM on rate rationalisation and the GoM on real estate today submitted status reports.
