On Monday, the GST Council, led by Finance Minister Nirmala Sitharaman, will talk about lowering the 18% GST on health and life insurance premiums. While many support this move, there’s worry that insurers might keep the savings rather than passing them to consumers. Insurance costs have already risen after COVID, and with anti-profiteering laws gone, it’s unclear if tax cuts will reduce premiums for policyholders. One idea is to offer tax relief for policies costing between ₹50,000 and ₹60,000, but this may not help everyone. The Council will also review the 28% GST on online gaming and crack down on fake GST registrations.
