A post is being circulated on social media platforms claiming that the Goods and Services Tax (GST) Council has reduced the GST on health insurance from 18 percent to 5 percent.
Multiple users have thanked Union Minister Nitin Gadkari for this move. It was previously reported that he had written a letter to Finance Minister Nirmala Sitharaman requesting the removal of GST on health insurance.
How did we find that out?: A keyword search with the words "GST council health insurance" directed us to a news report published in The Hindu.
It said that the 54th GST Council meeting was conducted on 9 September 9, which decided to constitute a GoM to review the current tax structure on life and medical insurance.
The council announced around 13 members for the GoM, who would suggest GST rates on insurance products.
This report would be submitted by 30 October.
What did the GST council say?: Team WebQoof accessed a document uploaded on the official website of the GST council.
The document dated 15 September said that the council had discussed "the need to holistically look into the issues pertaining to GST on life insurance and health insurance."
It carried the names of the GoM, who will be required to submit a report carrying suggestions of GST rates on life and health insurances.
GST council meeting developments: As per recent reports, the council decided to bring down GST rate in cancer drugs and also on food product called 'Namkeen'.
Conclusion: The claim of GST council slashing down life and health insurance premiums is false.
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