Withdraw 18% GST on life and medical insurance premium: Gadkari writes to FM Sitharaman
Nitin Gadkari has urged the finance minister to withdraw Goods and Services Tax on premiums paid for life and medical insurances, a move that will lessen the tax burden on insurers and likely boost the crucial insurance products' demand in the world's most populous country.
While writing to Finance Minister Nirmala Sitharaman on behalf of Nagpur LIC union, Gadkari said the indirect tax levied on life insurance premium amounts to levying tax on the uncertainties of life, reported ETNow.
"Nagpur Divisional Life Insurance Corporation Employees Union, Nagpur, has submitted me a memorandum about the issues pertaining to the Insurance Industry and sought to take up them with your goodself. Main issue raised by the Union is related to withdrawal of GST on Life and Medical Insurance Premium," said the Transport Minister.
