Indian Economy Current Affairs Analysis
Context:
TheGST Councilhas constituted a13-member Group of Ministers (GoM)to review and suggest GST rates on health and life insurance premiums.
The report is due byOctober 30, 2024, and Bihar Deputy CM Samrat Choudhary leads the group.
The decision was made during the54th GST Council meeting on September 9, 2024.
Key Objectives of the GoM
Review GST rates on health and life insurance, including premiums for individual, group, and family plans.
Examine tax rates on specialized categories such as senior citizens and those with mental illness.
Review rates on term insurance, life insurance with investment plans, and reinsurance.
GST Council
The GST Council is a constitutional body in India responsible for making decisions on Goods and Services Tax (GST) policies, including tax rates, exemptions, and regulations.
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