New Delhi, Sept. 4 -- Union Finance Minister Nirmala Sitharaman on Wednesday announced a major policy shift: individual life and health insurance policies will now be fully exempt from Goods and Services Tax (GST).

Also Read: GST Meeting LIVE Updates: FM Nirmala Sitharaman says new tax structure for common man; check what's cheaper

As per recommendations of the GST Council in its 56th meeting, the changes in GST rates on services and goods other than cigarettes, chewing tobacco products like zarda, unmanufactured tobacco and beedi will be effective from 22nd September, 2025.

For specific goods such as cigarettes, chewing tobacco products like zarda, unmanufactured tobacco, and beedis, the current GST rates and compensation cess will re...