Copra MSP Hike: जीएसटी काउंसिल की बैठक (GST Council Meeting) में एक बड़ा फैसला लिया गया है. मंत्रियों के समूह ने हेल्थ और लाइफ इंश्योरेंस प्रीमियम पर GST घटाने का प्रपोजल रखा था
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~GR.121~HT.336~
#gstcouncilmeeting #gstcouncil #gst #nirmalasitharaman #gstcouncilmeet #gstcouncilmeetingtoday #latestnews #businessnews #gstnews #gstcouncilmeeting2024 #gstmeeting #breakingnews #55thgstcouncilmeeting #goodsandservicestax #gstcouncilmeetingupdate
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~GR.121~HT.336~
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NewsTranscript
00:00A big decision has been taken in the GST Council meeting.
00:07A group of ministers had proposed to reduce GST on health and life insurance premiums,
00:13which was postponed for the next meeting in the GST Council meeting.
00:18This means that people still have to deposit premiums on their insurance according to the old tax rate.
00:24So let's tell in this video that what effect will this decision of the GST Council have on the public and the share market.
00:32The reason behind postponing the decision to reduce premiums on health and life insurance in the 55th meeting of the GST Council
00:40is that there is a need for more clarification on the case.
00:43A group of ministers has been asked to provide more information to make their report more comprehensive.
00:50This shows that there is a need to know more about the case before taking any decision on reducing GST rates or health and life insurance premiums.
01:00Currently, health insurance, term life insurance and unit-linked insurance plans come under 18% GST rate and GST applications in endowment plans are different.
01:09In the first year, 4.5% and in the second year, 2.25% rate.
01:14For life insurance, single premium annuity policy per 1.8% GST rates apply.
01:21These rates apply equally to all age groups.
01:25And on health insurance, the group of ministers also made recommendations to the state and central government revenue offices on 16 December.
01:33The group of ministers had proposed a GST exemption for net period life insurance policies that cover family members.
01:41This means that these policies are not under GST, which will reduce the financial burden on policyholders.
01:48At the same time, health insurance was also recommended for senior citizens, which will help the elderly population to make the health service more efficient.
01:58The group of ministers has also proposed to reduce GST rates on all personal health insurance policies and make it 5%.
02:05But without the option of Input Tax Credit, i.e. ITC, its motive is to keep the process easy and reduce the cost of health insurance premiums for individuals.
02:15At the same time, if we talk about the impact on the share market with this decision, then when the share market opens on Monday,
02:20then by not changing the GST rate, the shares of the listed companies that provide health insurance and life insurance, such as Policy Bazaar, GoDesit, Nivabhoopa, can be seen to have an impact on it.
02:32So what is your opinion on this whole news? Give us your opinion in the comment box and keep watching for such updates.
02:38Don't forget to like and subscribe to our channel.