The report on the Goods and Services Tax (GST) for health insurance will be presented to the GST Council by the Finance Ministry. The need to review GST rates on life and health insurance was discussed during the Council's 54th meeting on September 9, 2024.

The Group of Ministers (GoM), chaired by Bihar's Deputy Chief Minister Samrat Chaudhary, held its first meeting on October 19, 2024, in New Delhi to address these issues. Currently, health insurance and pure term life insurance are subject to a standard GST rate of 18%. The GST Council, which consists of representatives from both Union and State governments, is responsible for setting GST rates and exemptions.

In fiscal 2023-24, GST revenue from healthcare services reached ₹8,263 crore, while life insurance services generated ₹8,135 crore, showing a slight increase and decrease, respectively, compared to the previous financial year. Minister of State for Finance Pankaj Chaudhary reported that as of the end of September 2024, the Reserve Bank of India holds 854.73 metric tonnes of gold, valued at USD 65.75 billion, with 510.46 metric tonnes held domestically.