Industry Experts Call for Lowering GST on Health Insurance in Budget

• Insurance sector expects GST rate on health insurance to be lowered in the upcoming interim budget
• Industry experts believe that the current 18% GST rate makes health insurance products less affordable
• Lowering the GST rate on health insurance is seen as a way to incentivize more people to buy health insurance
• There is a recommendation to lower the GST rate to zero percent for senior citizens
• Insurance awareness is still building in India, and tax incentives can encourage people to buy health insurance
• The Budget session of Parliament will begin on January 31 and the interim budget will be presented on February 1.

Source: a2ztaxcorp.com

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.

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