September 9, 2025

GST exemption

GST rate cut on insurance: Should you wait till September 22 to buy new policy? Experts weigh in

R Amin09 mins

The Centre has removed GST on all individual life insurance policies, whether term life, ULIP or endowment policies and subsequent reinsurance; and on family floater policies and policies for senior citizens and reinsurance thereof, from September 22, 2025, onwards. The move, announced by Finance Minister Nirmala Sitharaman, is aimed at reducing entry barrier price for…

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GST 2.0: Health insurance firms may raise policy tariffs by 3-5% to compensate for input tax credit losses amid tax cuts

R Amin07 mins

The Goods and Services Tax (GST) Council, after its 56th meeting on 4 September 2025, announced a GST exemption on all health and life insurance premiums as part of the central government’s indirect tax rationalisation move. The industry has welcomed this step even though the risk of a higher premium looms due to the losses…

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