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insurance premium: The pressure on the government to remove GST on life insurance and health insurance policy premiums is increasing. After Union Minister Nitin Gadkari, now Trinamool Congress has demanded the removal of GST on life insurance and health insurance policy premiums. Talking about this, our colleague Laxman Roy said that the pressure on the government to remove GST on insurance premiums is increasing.
After Nitin Gadkari, now TMC has also pushed for this. TMC has demanded the removal of GST on health and life insurance premiums. TMC MP has given notice of adjournment motion in the Lok Sabha in this regard. Yesterday, Mamata Banerjee also issued a statement demanding the removal of GST on health insurance policy premiums.
Earlier, Union Minister Nitin Gadkari had also made a similar demand. Let us tell you that currently 18 percent GST is levied on health and life insurance.
On the other hand, sources have informed that the Finance Ministry is already considering changes in GST rates. Sources say that any decision will be taken only when the matter comes before the committee. Sources also say that state governments are opposing the reduction of GST rates in the GST Council.
Let us tell you that earlier, Modi government minister Nitin Gadkari had written a letter to Finance Minister Nirmala Sitharaman, in which he had demanded withdrawal of 18 percent GST on life and medical insurance premium. It has been said in the letter that GST on insurance is like imposing tax on the uncertainty of life. GST on health insurance has increased the problems of the elderly. 18 percent GST on premium is becoming an obstacle in the growth of the sector.
