GST Council to Review Insurance Premium Taxation and Online Gaming Revenue Collection

The GST Council is set to discuss major issues, including the taxation of insurance premiums and online gaming. The council, chaired by Finance Minister Nirmala Sitharaman, will consider changes to GST rates on health and life insurance and review the status of GST on online gaming. The report will also include insights on fake GST registrations.

The GST Council on Monday is expected to deliberate on crucial issues, including the taxation of insurance premiums and suggestions on rate rationalisation from the Group of Ministers (GoM), sources revealed.

A report on GST levied on life, health, and reinsurance premiums will be presented by the fitment committee, comprising Centre and state tax officials. The council, led by Finance Minister Nirmala Sitharaman, will also decide whether to reduce the 18% tax burden on health insurance or exempt some categories, such as senior citizens.

Additionally, the council will review the status of GST on online gaming. From October 1, 2023, a 28% GST was enforced on entry-level bets in online gaming. The council will also discuss the ongoing drive against fake GST registrations and approve several notifications, including an amnesty scheme introduced earlier in June.

(With inputs from agencies.)