
GST Exemptions and NIL Rates: Policy Gains Versus Consumer Realities
Health insurance for individuals has been made exempt from Goods and Services Tax. GST has been removed from life insurance premium payments for individuals, as well. Both used to be charged GST at 18%. So, this represents major relief for individuals, this lowering of the cost of buying insurance by nearly a fifth, right? That magnitude of reduction in the cost of either life or health insurance is merely an illusion. The cost of insurance might come down somewhat, but definitely not by 18%.






