Benefits of GST Rate Reduction on Car Insurance

The Goods & Services Tax (GST) council met in December 2018 and reduced the GST rates of several items under its ambit. The GST rate for certain items were slashed to 12% from the previous 18%. This is also applicable to car insurance policies. Therefore, the prices of Third-party Car insurance premium will be comparatively lesser. This is good news for the policyholders as they will have to p…