India, Aug. 21 -- It is an idea that was floated by a senior minister in the Narendra Modi government after the 2024 Lok Sabha results. And it's getting closer to reality. HT reported on Thursday that the Union government has sent a proposal to the group of ministers in the Goods and Services Tax (GST) Council to do away with GST on insurance premiums for health and life insurance policies. From an 18% tax to no tax at all, this will provide significant relief to policyholders. The policy change, if implemented, will especially benefit taxpayers in the new tax regime. They are not entitled to any deductions in taxable income on account of expenses such as insurance premiums. Hopefully, this will free up some, even if little, disposable in...