गडकरी ने इंश्योरेंस प्रीमियम से GST हटाने की मांग की: वित्तमंत्री निर्मला सीतारमण को लेटर लिखा, अभी इसमें 18% GST

Road Transport and Highways Minister Nitin Gadkari (file photo)

Road Transport and Highways Minister Nitin Gadkari has written a letter to Finance Minister Nirmala Sitharaman demanding removal of GST from life insurance and health insurance premium.

At present, 18% GST is levied on health and life insurance. This step will provide cheap insurance to the people and the demand for insurance products will increase in the most populous country.

Levying GST on insurance premium is like taxing the uncertainties of life
In his letter dated July 28, Gadkari said – Nagpur Mandal Life Insurance Corporation Employees Union has submitted a memorandum to me regarding the issue related to the insurance industry and requested to raise it with you. The issue of the union is related to withdrawal of GST from life and medical insurance premium, both of which attract GST of 18%.

Levying GST on life insurance premium is tantamount to taxing the uncertainties of life. The union believes that a person buys insurance to cover the risk of uncertainties of life, hence it should not be taxed.

priority on this topic urges consideration of
Nitin Gadkari has urged Finance Minister Nirmala Sitharaman to seriously consider this issue. He said – You are requested to consider the suggestion of withdrawing GST on life and health insurance premium on priority basis.