Union Minister Nitin Gadkari has written a letter to Finance Minister Nirmala Sitharaman, requesting her to remove the 18% Goods and Services Tax (GST) on life and health insurance policies.
In his letter, Gadkari mentioned that the main issue raised by the Nagpur division of the Life Insurance Corporation of India Employees’ Union is the 18% GST on life and health insurance premiums. He said that this tax is unfair as people buy insurance to protect themselves and their families from life’s uncertainties.
Gadkari also mentioned that the union has suggested several other changes to the life insurance sector, including removing tax on savings through life insurance and increasing tax deductions on health insurance premiums.
The minister requested Sitharaman to consider these issues on a priority basis and remove the GST on life and health insurance policies to provide relief to people, especially senior citizens, who are facing difficulties due to the tax.
Key Points:
- Union Minister Nitin Gadkari writes to Finance Minister Nirmala Sitharaman to remove 18% GST on life and health insurance policies.
- The tax is unfair as people buy insurance to protect themselves and their families from life’s uncertainties.
- The Life Insurance Corporation of India Employees’ Union has suggested several other changes to the life insurance sector.
- The minister requests Sitharaman to consider these issues on a priority basis and provide relief to people, especially senior citizens.
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