Insurance Tax Tweaks, Rate Cuts on Packaged Water and Bicycles Expected from GST Council

The GST Council is expected to meet soon after the Parliament's winter session to discuss changes in GST rates on insurance products, packaged drinking water, bicycles, notebooks, luxury wristwatches, and shoes. One of the key topics will be adjusting insurance tax rates and reviewing the compensation cess. The proposed changes could bring in ₹22,000 crore in additional revenue by lowering taxes on some goods and increasing them on high-end items.

By Avi G

Could Waiving GST Revolutionize India’s Health Insurance Market?

Anup Rau, the CEO of Future Generali India Insurance, says the government needs to step in to improve health insurance in India. He believes waiving the GST on health premiums would make them more affordable and increase their use. He also mentions that it’s time to update the motor third-party rates, which have stayed the same for years. With healthcare costs going up, focusing more on private insurance could help the government while creating competition in the market.

By Avi G

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