Gadkari Urges Removal of GST on Life and Medical Insurance Premiums

Union Minister Nitin Gadkari has requested Finance Minister Nirmala Sitharaman to reconsider the 18% GST on life and medical insurance premiums. Gadkari referenced a memorandum from the Nagpur Division Life Insurance Corporation Employees Union, emphasizing the financial burden these taxes place on policyholders, especially senior citizens.

Union Minister of Road Transport and Highways, Nitin Gadkari, has called on Finance Minister Nirmala Sitharaman to withdraw the 18% GST imposed on life and medical insurance premiums.

In a communication to the Finance Minister, Gadkari highlighted the concerns brought to him by the Nagpur Division Life Insurance Corporation Employees Union through a memorandum addressing issues within the insurance industry.

Gadkari argued that taxing life insurance premiums amounts to taxing the uncertainties of life and places an undue burden on policyholders. He emphasized the importance of removing these taxes, particularly for senior citizens, to foster growth in the insurance sector.