There is a growing demand to reduce or eliminate the current 18% Goods and Services Tax (GST) rate on life and health insurance policies. The high GST rate on insurance premiums poses a significant obstacle, especially for individuals with limited incomes. The combination of high premiums and GST makes insurance products inaccessible to many. Ajit … Read more
The GST Council, led by Finance Minister Nirmala Sitharaman, is set to meet on Monday to tackle several pressing issues, with the spotlight on reducing the 18% GST on health and life insurance premiums. While there is growing support for lowering the tax burden, concerns remain over whether the benefits will actually reach policyholders or … Read more
Ahead of the GST Council meeting next week, the states could not come to a consensus on health insurance premium from Goods and Services Tax (GST). According to a report in Moneycontrol, the Fitment Committee, comprising revenue officials from both the state and Centre, has been trying to reach a consensus on the contentious issue … Read more
TMC leader Derek O’Brien has urged Finance Minister Nirmala Sitharaman to “urgently review” and withdraw the 18 percent GST on health and life insurance premiums during the upcoming GST Council meeting. “The 18 per cent Goods and Services Tax (GST) on health and life insurance premiums is a burden on 45 crore Indians comprising … Read more
New Delhi: India’s logistics cost will come down to 9 per cent of GDP by April next year, Union Minister Nitin Gadkari said on Thursday. Addressing an event here, Gadkari further said the country’s exports will also increase when the logistics cost comes down to single digit. “Our logistics cost now is 16 per cent…It … Read more
GST on insurance premiums: Union Finance Minister Nirmala Sitharaman on Wednesday said 18% of Goods and Services Tax (GST) collected from health and insurance premiums is equally shared between the Centre and states. She said of the 9% share that is accorded to the Centre, 41% is further sent to states. Overall, 73-74% of GST revenues … Read more
West Bengal Chief Minister Mamata Banerjee on Thursday demanded that the Centre should roll back the goods and services tax (GST) on life and medical insurance premiums. Calling the tax on insurance premiums “bad”, she said that it adversely affects the people’s ability to take care of their basic needs. “Our demand to Government of India … Read more
Union Minister of Road Transport and Highways Nitin Gadkari urged Union Finance Minister Nirmala Sitharaman to consider withdrawing 18 per cent goods and services tax (GST) on life and medical insurance premiums. In his letter to Sitharaman, Gadkari said that Nagpur Divisional Life Insurance Corporation Employees Union submitted a memorandum to him on these issues. … Read more
The BJP, which is aiming to topple the Naveen Patnaik government in Odisha, plans to hold as many as 100 election rallies in the state, with key speakers including Prime Minister Narendra Modi and Union Home Minister Amit Shah. Odisha BJP vice-president Golak Mohapatra on Sunday said that mega rallies will be held in all … Read more
Shashank Srivastava, Senior Executive Officer (Marketing and Sales), Maruti Suzuki India Ltd, says: “We could expect the month to end around the 375,000 mark for the industry, that should be about 11% growth over last year. March being the last month of the financial year, we are expecting industry sales to be about 42,35,000 or … Read more