GST rejig may exempt health, life insurance; GoM meets today

The GST Council's GoM meets Thursday to discuss tax rate rationalization. A panel has proposed exempting health and life insurance premiums from the current 18% GST, offering relief to households. Finance Minister Nirmala Sitharaman said reforms will ease burdens on farmers, MSMEs, and the middle class. The overhaul may cut slabs to 5% and 18%, scrapping 12% and 28% rates.