The GoM on rate rationalisation in its previous meeting had discussed tax rate tweaks on over 100 items, including lowering taxes on certain goods from 12 to 5 percent to give relief to the masses.

GST GoM on rate rationalisation discusses rate hike on high-end wrist watches, shoes; GST on packaged water to be cut.

A final decision on GST on health and life insurance premiums as well as rate rationalisation will be taken by the GST Council, headed by the Union finance minister, in its meeting next month

The Group of Ministers (GoM) is likely to recommend exempting Goods and Services Tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens. During a recent meeting,

States advocate for exempting health insurance premiums for seniors, term life insurance, and propose tax changes on various items.

Exercise notebooks, cycles under Rs 10,000, 20 litre plus water package, to attract lower 5% GST; Rs 15,000+ shoes, Rs 25,000+ watches may be taxed at higher 28%.

West Bengal Chief Minister Mamata Banerjee on Saturday claimed that the Centre's likely decision to exempt GST on term life insurance premiums and premiums paid by senior citizens for health coverage is the result of sustained efforts by the state government.

In recent turn of events, the Group of Ministers (GoM) proposed to exempt Goods and Services Tax (GST) on term life insurance and health insurance premiums for senior citizens apart from the other proposed changes to the GST.

The GoM is of the view that pure-term life insurance and pure-term life insurance covering family members should be exempted from GST, sources added.

GoM lowers GST rates on water, bicycles, notebooks to 5%, proposes hike on high-end watches, shoes. Revenue gain expected.