Union Minister Nitin Gadkari has asked Finance Minister Nirmala Sitharaman to eliminate the 18% GST on life and medical insurance premiums. He believes that taxing life uncertainties hinders the sector’s growth.
In a letter dated July 28, Gadkari urged Sitharaman to prioritize removing GST on life and medical insurance premiums, noting that it is especially burdensome for senior citizens.
Currently, life and medical insurance premiums are subject to an 18 percent GST. Gadkari believes this tax is hindering industry growth and negatively affecting society.
Gadkari stated that the 18 percent GST on medical insurance premiums is hindering the growth of this crucial industry.
The letter responded to concerns raised by the Nagpur Divisional Life Insurance Corporation Employees Union, which submitted a memorandum to the road and transport minister about issues facing the insurance industry, according to the Moneycontrol report.
Nitin Gadkari represents the Nagpur constituency in the Lok Sabha as a Member of Parliament.
Gadkari’s letter mentioned that levying GST on life insurance premiums is like taxing life’s uncertainties. He referred to the union’s memo, stating that those buying life insurance to protect their families shouldn’t be taxed on the premiums.
