GST Council Allows Tax Credit on Employee Health and Life Insurance

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The GST Council, led by Finance Minister Nirmala Sitharaman, has approved a key change in tax rules. It now permits businesses to claim Input Tax Credit on health and life insurance premiums paid for employees. This decision was made during the Council's 53rd meeting on June 22, 2024, in New Delhi. The move aims to reduce the cost of providing such benefits and is expected to lower overall business expenses.

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