Mamata Banerjee Urges Rollback of 18% GST on Insurance Policies

West Bengal Chief Minister Mamata Banerjee has called the 18% GST on life and health insurance policies anti-people. She wrote to Finance Minister Nirmala Sitharaman, urging the rollback of the tax, which she claims burdens the common people and dissuades them from securing necessary insurance coverage.

West Bengal Chief Minister Mamata Banerjee has termed the 18 per cent GST on life and health insurance policies as anti-people. On Friday, she addressed a letter to Union Finance Minister Nirmala Sitharaman, requesting the tax be withdrawn.

In her letter, Banerjee emphasized the critical role of life and health insurance in providing financial security during emergencies such as illness, accidents, and untimely deaths. She expressed 'deep anguish' over the imposition of GST and the removal of deductions under sections 80C and 80D of the Income Tax Act, describing the measures as highly detrimental to the public.

Banerjee argued that the GST hike on insurance premiums would increase the financial burden on the common people. She cautioned that such policies might deter individuals from purchasing or maintaining insurance coverage, leaving them vulnerable to financial crises. She urged Sitharaman to review and rescind what she called 'anti-people taxation policies.' Banerjee also warned that her party, the Trinamool Congress, would launch an agitation if the decision wasn't reversed.

(With inputs from agencies.)