GST on third-party motor cover may dip

The government will soon bring a proposal before the GST Council to reduce tax on the premium being paid by vehicle owners for buying third-party (TP) insurance. Currently, the GST on third-party premium is 18% and it’s mandatory for every vehicle owner to buy the TP insurance. A reduction is expected to ease the burden on consumers. TOI has learnt that the issue of high GST on premium came up for…