Ahead of the beginning of GST rejig from Monday, the Finance Ministry issued another detailed explanation of the cut in tax rates on goods and services announced as part of the reforms, which aim to simplify rates, remove anomalies, and make the system easier for both businesses and consumers.

1. Which life insurance policies are covered under the GST exemption?

The exemption applies to all individual life insurance policies, including term plans, endowment policies, and ULIPs. Reinsurance of these individual policies is also exempt.

2. Which health insurance policies are covered under the GST exemption?

Individual health insurance policies, including family floater and senior citizen plans, are exempt from GST. Reinsurance of such individual policies is also exempt under this decision

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