West Bengal's Victory in the GST Exemption for Insurance

West Bengal Chief Minister Mamata Banerjee claims the Centre's potential GST exemptions on life and health insurance premiums result from state government efforts. A ministerial panel suggests GST exemptions for citizens' premiums up to Rs 5 lakh, though an 18% GST remains on higher coverage. The decision awaits final GST Council approval.

The Chief Minister of West Bengal, Mamata Banerjee, asserted that the Centre's anticipated decision to exempt GST on term life and health insurance premiums is a triumph of her state's relentless lobbying efforts.

According to officials, the state ministerial panel has advocated GST waivers for insurance premiums up to Rs 5 lakh, although the tax remains at 18% for higher amounts.

This potential policy change awaits confirmation by the GST Council next month, promising relief for many families, especially senior citizens, amid ongoing public advocacy.