GST of Rs.21255 Crs collected from Health Insurance Premium

GST of Rs.21255 Crs collected from Health Insurance Premium

The Minister of State in the Ministry of Finance Shri. Pankaj Chaudhary has stated in response to a question raised in Lok Sabha that GST of Rs.21255 Crs collected from Health Insurance Premiums.

The Minister Smt. Mala Roy asked the question in Lok Sabha:

Will the Minister of FINANCE be pleased to state:

(a) the details of GST tariff on Health Insurance in the last five years, year-wise; and

(b) the details of GST collection from Health Insurance premiums in the last three years, yearwise?

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The Minister of State in the Ministry of Finance Shri. Pankaj Chaudhary replied:

(a): Since its inception, the GST rate on health insurance has been 18%. However, certain insurance schemes catering to poor sections of the society and differently-abled, such as Rashtriya Swasthya Bima Yojana (RSBY), Universal Health Insurance Scheme, Jan Argoya Bima Policy and Niramaya Health Insurance Scheme are exempt from GST.

(b): The details of GST collection from Health Insurance premiums and Reinsurance premiums for the past three financial years are tabulated below: