The GST Council has formed a 13-member Group of Ministers (GoM) to review and recommend GST rates on health and life insurance premiums, with a report due by October 30, 2024. The GoM, led by Bihar Deputy Chief Minister Samrat Choudhary, was established during the 54th GST Council meeting on September 9. Currently, an 18% GST is levied on these premiums, with discussions ongoing about potential tax reductions, including proposals for complete exemption or a decrease to 5%. The panel's Terms of Reference encompass various insurance types, including individual and group policies, and coverage for senior citizens and those with mental illnesses. The GST Council is expected to finalize its decisions in November, following the GoM's recommendations. This move comes amid concerns from several opposition-ruled states regarding the current tax burden on insurance premiums.