GST should be abolished in life , health insurance premium
2 min read
Memorandum submitted to MP Jyotsna Mahant and Finance Minister OP Choudhary*
Raipur(Team Newsbuddy): Life and health insurance policy is not a consumer item but a protection against a kind of risk for future security. However, the government is responsible for this protection, but it does not do this. Therefore, by buying insurance policy for their own safety, common citizens try to protect their family in some way. Therefore, it is unfair to impose GST up to 18% on it. This is not a product, GST should be abolished on it and for this, there should be a first in the upcoming GST Council. For this, CZIEA General Secretary Dharmaraj Mohapatra met the state’s Finance Minister OP Choudhary and submitted a detailed memorandum.
For this, he also met Korba MP Jyotsna Mahant ji and submitted a memorandum as part of the organization’s series of meeting all the MPs across the country before the budget session. During this, RDIEU General Secretary Surendra Sharma was also with him. It is noteworthy that on the call of All India Insurance Employees Association, the All India Organization of Insurance Employees, a memorandum is being submitted to the MPs across the country on the problems prevailing in the insurance industry before the budget session of Parliament. The memorandum mainly demands removal of GST from insurance premium, attractive provisions in income tax exemption for insurance policy holders, integration of the four nationalized general insurance companies and stopping the disinvestment of LIC. It has been said in the memorandum that 18% GST on life insurance and health insurance premiums is putting a heavy burden on policy holders and this can affect the growth of business. Whereas the Parliamentary Standing Committee on Finance of Parliament, constituted in the last term under the leadership of BJP leader and former Union Minister Jayant Sinha, has also recommended rationalization of these rates. Therefore, there is a need to withdraw GST from insurance premium in this budget.
