BJP leader and Union Minister of Road Transport and Highways, Nitin Gadkari, has written to Finance Minister Nirmala Sitharaman, making a strong appeal. He has requested the removal of the 18% GST imposed on life and medical insurance premiums. In his letter to Sitharaman, Gadkari mentioned that the Nagpur Division Life Insurance Corporation Employees Association had submitted a memorandum on these issues. He highlighted that imposing an 18% GST on these premiums is akin to taxing life's uncertainties.
Source: aajtak
'18% GST is an Obstacle to Development'
In his letter, Gadkari shared that the association believes that taxing insurance premiums discourages people from buying coverage against such risks. He also noted that the 18% GST on medical insurance premiums is proving to be an obstacle to the growth of this socially essential sector.
Nitin Gadkari further mentioned that the association raised concerns about the reinstatement of IT deductions for medical insurance premiums, savings through life insurance, and the integration of public sector general insurance companies.
