Nitin Gadkari seeks removal of 18 per cent GST on Life, Health Insurance Premiums; writes to FM Sitharaman
New Delhi: Union Minister for Road Transport and Highways Nitin Gadkari has written to Finance Minister Nirmala Sitharaman to remove 18 per cent Goods and Services Tax (GST) imposed on life and medical insurance premiums.
Gadkari's appeal follows a memorandum from the 'Life Insurance Union' of Nagpur, his parliamentary constituency, regarrding problems faced by the insurance companies.
According to an IANS report, Nitin Gadkari, in a letter to the Finance Minister stated that the "main issue raised by the union is related to withdrawal of GST on Life and Medical Insurance Premium".
Also Read:IMA Kerala Liable to Pay GST on Supply of Goods and Services to its Members: HC
His letter mentions that the 18 per cent GST currently levied on life and medical insurance premiums tends to penalise individuals seeking to protect themselves and their families against life's uncertainties.
He contended that taxing life insurance premiums essentially taxes the very act of preparing for unforeseen circumstances, which is counter-productive to the objective of providing financial security.
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.