A ministerial panel has proposed GST exemptions on health insurance premiums for senior citizens and term life insurance premiums for all, as part of a broader rate rationalization exercise. The Group of Ministers (GoM) also suggested lowering GST rates on packaged water, bicycles, and exercise notebooks while increasing rates on luxury items like expensive shoes and watches. This rate adjustment is expected to generate Rs 22,000 crore in revenue to offset the loss from insurance premium tax cuts. The final decision will be made in the GST Council's November meeting.

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