Tractors, health insurance likely to see GST rate cuts: Reports

A ministerial panel overseeing GST rate rationalisation is considering reducing GST rates on several mass-use products including medicines, tractors and health insurance, as per reports. GST on health insurance could drop from 18% to 12%, while term insurance might attract 5% GST. High-end EVs could see higher GST rates to offset potential revenue loss from reducing GST on tractors.