- Nitin Gadkari urged Nirmala Sitharaman to remove 18% GST on life and medical insurance premiums
- Levying tax on insurance premiums is like taxing uncertainties of life
- Union believes people should not be taxed on insurance premiums for covering risks
- 18% GST on medical insurance premiums is hindering growth of this segment
- Gadkari also raised issues of differential treatment to savings through life insurance and reintroduction of IT deduction for health insurance premium
- Paying GST on life and medical insurance premiums is challenging for senior citizens
- Confederation of General Insurance Agents’ Associations of India also appealed to reduce GST on individual health policies from 18% to 5%
- Policy renewal rates are decreasing due to frequent hikes in premium rates and rising medical inflation
Source: businesstoday.in
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "India"
- GST on Dine-in, Takeaway, and Delivery App Orders: Rates, Compliance, and Reporting Differences
- Ensuring ITC Compliance: Mastering GSTR-2B Reconciliation and Audit Readiness for 2026
- India’s E-Invoicing Rules: Scope, Formats, Penalties, and Compliance Under the GST Framework
- Continuous Supply of Services Under GST: Legal Criteria Versus Commercial Practice Explained
- Tripura HC: ITC Cannot Be Denied to Bona Fide Purchaser for Supplier’s Tax Default
