GST on insurance premiums should be reduced to 5% or nil: SBI Research

Taxing insurance premiums at 18 per cent at a time when insurance penetration in the country is merely 4.2 per cent is, perhaps, not the best way forward. Instead, the goods and service tax (GST) on life, health, and term premiums should either be reduced to 5 per cent or a “nil” rate so as to cover the maximum population of the country, SBI research said in its report on Tuesday.

Source: a2ztaxcorp.com

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