(Image source from: x.com/FinMinIndia)

Good news for senior citizens. Central government to ease the GST rate on health insurance premiums for senior citizens and individuals. The 54th GST Council meeting will be held on Monday and the key decision will be made.

According to sources, the GST council will provide significant relief to individuals and senior citizens' health insurance slashing the rates of GST. Currently, 18 per cent GST is being collected by the GST Council on health premiums and life insurance policies.

The GST council has discussed the pros and cons with the state and central tax committees over reducing the taxes on health premiums.

The members on Monday will have a discussion on whether to discuss the insurance premiums, which will affect the revenue if the 18 per cent GST has to be decreased.

The government is also likely to discuss the GST on online payments of above 2000. Currently, online payments paid through online portals are not taxed to date, but today they are considering keeping chargers on the payments as well.

The GST council chaired by Finance Minister Nirmala SItharaman along with State ministers and other members will discuss the following. West Bengal Finance Minister Chandrima Bhattacharya said that he had submitted a report to reduce the 18 per cent GST on health and life insurance premiums.

According to PTI, they are also going to discuss gaming revenues. PTI also added that Notably the central and states mopped up Rs 8,262.94 Cr from GST on health insurance premiums and Rs 1,484. 36 Cr from GST on health reinsurance premiums. BJP union Transport Minister Nitin Gadkari also demanded the exemption of GST on health insurance and wrote a request letter to Nirmala Sitharaman. He also raised the issue in the parliament. Finance Minister Nirmala Sitharaman also addressed the issue and said she would consider it, but the GST rates cannot be decreased. She also stated that in the GST collected on insurance 75 percent amount will be given to state finances. She also said that the proposal was actually from the state finance ministers itself.

But now they are considering the reduction in the 54th GST council meeting.

On online gaming portals, there has been 28 per cent of GST since last year, while in August the central government recommended the tax levy, which was subsequently amended. Also, the gaming platforms are mandated to register with the GST council and pay taxes, where they fail the sites can be blocked by the government.