The 54th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, recently addressed several important issues, including the reduction of GST on health and life insurance premiums and relief for religious travelers using helicopter services. Here’s a detailed breakdown:
1. GST Reduction on Health and Life Insurance Premiums
- The council discussed reducing the current 18% GST rate on health and life insurance premiums.
- However, no final decision was made, and the matter has been referred to a Group of Ministers (GoM) for further study.
- The Deputy Chief Minister of Bihar will lead this GoM, and a report is expected by the end of October 2024.
- The decision on this matter will likely be discussed in the next GST Council meeting, scheduled for November 2024.
2. Relief on Helicopter Services for Religious Pilgrimages
- In a major relief for pilgrims, the GST rate on helicopter services for religious pilgrimages has been reduced from 18% to 5%.
- This decision was taken following a request from the Uttarakhand government to make religious travel more affordable and accessible.
Key Decisions Table:
| Decision | Details | Beneficiaries | GST Rate (Before) | GST Rate (Now) |
|---|---|---|---|---|
| GST on Health and Life Insurance Premiums | Referred to GoM for further study on reducing the GST rate. | Insurance policyholders | 18% | Final decision after study |
| Helicopter Services for Religious Pilgrimages | Reduction in GST rate for helicopter services used during religious pilgrimages. | Pilgrims | 18% | 5% |
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