GST on insurance: Planning to delay premium payment after Sept 22 to get rate-cut benefit? IRDAI has an update for you

The Goods and Services Tax (GST) Council has reduced insurance GST rates from 18% to zero. This change applies to policy renewals after September 22, 2025, and new policies. The Insurance Regulatory Development Authority of India (IRDAI) clarified that existing policies and advance payments are not eligible for refunds. Nirmala Sitharaman announced this will make insurance more affordable.

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