GST on healthcare and life insurance services generated over Rs 16,000 crore in FY24, with Rs 8,135 crore from life insurance and Rs 8,263 crore from health insurance. The standard GST rate on health insurance is 18%, while specific schemes for economically weaker sections are exempt. A Group of Ministers is reviewing GST issues related to these sectors, with recommendations expected to be presented to the GST Council in December.
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