<h1>Centre proposes exempting individual life and health insurance from 18% GST as GoM seeks lower rates</h1> The central government has proposed exempting individual life and health insurance premiums from the 18% GST, with a 13-member Group of Ministers on life and health insurance preparing a report for the GST Council that will incorporate state finance ministers' views; the GoM's convenor reported consensus on lowering rates but said the Council will take the final decision. The proposal forms part of a broader GST reform to two rates (5% and 18%). The panel, comprising state ministers, must submit its recommendations by October; in 2023-24, GST on health insurance and reinsurance yielded approximately Rs 8,262.94 crore and Rs 1,484.36 crore respectively.