'Reconsider GST imposed', Gadkari urges Union Finance Minister, writes letter
- Javed Khan
- 31 Jul, 2024
Union Minister Nitin Gadkari has urged Finance Minister Nirmala Sitharaman to reconsider the 18% GST on life and medical insurance premiums, following a memorandum from the Nagpur Divisional Life Insurance Corporation Employees Union.
In the wake of criticism of Union Budget 2024, Union Minister and senior BJP leader Nitin Gadkari has reached out to Finance Minister Nirmala Sitharaman, urging her to reconsider the GST imposed on premiums for life and medical insurance plans.
In his letter, Mr. Gadkari cited a memorandum from the Nagpur Divisional Life Insurance Corporation Employees Union as the impetus for his request to the Finance Minister.
"Main issue raised by the Union is related to withdrawal of GST on Life and Medical Insurance Premium. Both life insurance and medical insurance premiums attract a GST rate of 18 per cent. Levying GST on life insurance premium amounts to levying tax on the uncertainties of life. The Union feels that the person who covers the risk of life's uncertainties to give some protection to the family should not be levied tax on the premium to purchase cover against this risk. Similarly, the 18% GST on medical insurance premium is proving to be a deterrent for the growth of this segment of business which is socially necessary. Therefore, they have urged withdrawal of GST as mentioned above.
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