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Insurers hopeful of GST relief on health, life insurance premiums
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Aathira Varier Mumbai
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The life and non-life insurance industries are hopeful of a reduction in the goods and services tax (GST) on health and life insurance premiums, after Prime Minister Narendra Modi, in his speech on Friday, announced GST relaxations aimed at providing relief to ordinary citizens, farmers, the middle class, and the small and medium enterprises (MSME) sector.
Currently, GST on health and life insurance premiums is 18 per cent. For some time now, insurers have been requesting a reduction in the GST rate for health insurance premiums to 12 per cent from the existing 18 per cent, along with the benefit
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