Quick Summary
In anticipation of the upcoming interim budget for 2024, the insurance sector is voicing its expectations, with a particular focus on lowering the Goods and Services Tax (GST) rate on health insurance products. Industry experts are calling for a reduction in the GST rate to make health insurance more affordable and encourage a higher adoption rate among the Indian population. Speaking to a media portal, an industry expert highlighted the current 18% GST rate, stating that it does not make the
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FAQ :
The insurance industry is calling for a reduction in the Goods and Services Tax (GST) rate on health insurance products.
They believe the current 18% GST rate makes health insurance unaffordable, preventing more people from taking it up and accessing healthcare.
Yes, the industry has proposed a zero percent GST rate specifically for senior citizens to make health insurance more accessible to them.
The Union Finance Minister is set to present the interim budget on February 1, following the commencement of the Budget session on January 31.
An industry expert stated that the current 18% GST rate 'does not make the product more affordable' and makes health insurance more expensive than necessary, especially as healthcare services are tax-exempt.
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