Quick Summary
In the wake of widespread criticism of Budget 2024, Union Minister and Senior BJP leader Nitin Gadkari has penned a letter to Finance Minister Nirmala Sitharaman, advocating for the withdrawal of Goods and Services Tax (GST) on life and medical insurance premiums. Gadkari's appeal follows a memorandum submitted by the Nagpur Divisional Life Insurance Corporation Employees Union. Official copy of the letter penned by Gadkari is as follows Key Issues Raised In his letter, Gadkari emphasized t
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FAQ :
Union Minister Nitin Gadkari has requested the withdrawal of GST on life and medical insurance premiums.
The request was sent to Finance Minister Nirmala Sitharaman.
The current GST rate on both life and medical insurance premiums is 18%.
Gadkari believes taxing life insurance premiums penalises those protecting their families, and taxing medical insurance premiums deters the growth of this vital public health sector.
The union also raised concerns about the differential treatment of savings through life insurance, the need to reintroduce income tax deductions for health insurance, and the consolidation of general insurance companies.
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