New Delhi, July 31 (HS): Union Minister and senior BJP leader Nitin Gadkari has written a letter to Finance Minister Nirmala Sitharaman requesting her to remove the GST on payment of life and health insurance scheme.
Nitin Gadkari has written this letter to Nirmala Sitharaman on the memorandum received from the Nagpur Division Life Insurance Corporation Employees Union.
In his letter, Gadkari has written that both life insurance and medical insurance premiums attract a GST rate of 18 percent. Imposing GST on life insurance premium is akin to taxing the uncertainties of life. He said that the Life Insurance Association believes that a person buys insurance to give some security to the family. Premium should not be taxed for buying cover to protect the family from risk. Similarly, 18 percent GST on medical insurance premium is proving to be a hindrance to the development of business related to the sector, it is socially necessary.
