Union Minister and senior BJP leader Nitin Gadkari has written to Finance Minister Nirmala Sitharaman, requesting her to withdraw the GST imposed on premiums for life and medical insurance plans. This request comes at a time when the Finance Minister is facing a lot of criticism over the Union Budget.
“Main issue raised by the Union is related to withdrawal of GST on Life and Medical Insurance Premium. Both life insurance and medical insurance premiums attract a GST rate of 18 per cent. Levying GST on life insurance premium amounts to levying tax on the uncertainties of life,” the Road Transport and Highways Minister has stated.
Gadkari added, “The Union has also raised points related to Differential Treatment to Savings by way of Life Insurance, re-introduction of IT deduction for health insurance premium and consolidation of public and sector general insurance companies”.
He also said that “Each point is explained in details in the memorandum. In view of the above, you are requested to consider the suggestion of Withdrawal of GST on Life and Medical Insurance Premium on priority as it becomes cumbersome for the senior citizens as per rules with due verification along with other relevant points raised”.
