Stop the loot on GST 18 pct on health and life insurance

Government is making huge money out of health and life insurance premiums people pay. Their own road minister said to them, don't levy tax on uncertainties of life.

Rough Math On GST Collected By Govt In FY24 On Health & Life Insurance Premium

Health Premiums Collected = Rs 1.10 Lakh Crore

Life Premiums Collected = Rs 3.78 Lakh Crore

Above Figures Are Ex-GST 👆

Govt Collected 18% GST On Health Insurance & Life Insurance Premium

GST Collected On Health Premium = Rs 19,600 Cr

GST Collected Life Premium = Rs 68,000 Cr

Total GST Collected (Life & Health Insurance) = Rs 87,600 Cr more

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Charudatta Sahaje (Working at a Corporate.)

Mr. Nitin Gadkari has written to the FM about this. Let's see if anything happens. more

Aug 07

Sunil Shah

Yes agreed big loot is current Govt clear agenda. Even after paying- Income tax, GST, Service tax and many more through nose, what real benefits passed on !! Survival for the middle class has become so tough that more and more cases of suicides. Corruption has increased multifold, so those who make money in unscrupulous means are very comfortable. They are finding hard where to park their easy money. Till the Govt attack Black money menace, all of us would keep suffering with inflation going over the roof. Ordinary citizens are just "kathputlis" more

Aug 02

Sudarshan Venkataramanan

The Transport minister and the one who royally nixed the middle class with his 10/15 motor vehicle life policy has requested the Finance Minister to remove/reduce 18% GST on Life and Medical insurance premiums. (Not so much on medicines) An excellent suggestion, considering that insurance started getting taxed at 5% and then later 8% further upped to 12.36% by 2014 and in 2017 it became 18%. Input Tax Credit is not available on most policies. Doesn't the minister know that the FM alone can’t change any rate on any product/service under GST Laws? Any change requires a vast majority to vote in favour by almost every state/UT FM in the GST council meeting to accept such a proposal. Then why is the minister advising only the FM? He has been doing the same thing with tax on Hybrid motor vehicles which are at 40%. By doing this he is only provoking the Middle class which subcribes to most insurance policies. If the minister is so concerned, why doesn't he convince the Opposition Parties to vote for reducing GST on Insurance Premiums and also cosnider including Petroleum Products in the ambit of GST? Is the Government ready for any of that in the first place? This is the bane of politics in India - focus on fuelling pain points and not on effective solutions. more

Aug 02

Padmanabhan G

Better not to bring them under gst. Then, we will have to bear the gst. Yes, professional tax is a solution. I presume they pay income tax. more

Aug 02

Ashok Ashok

the present govt like all its budgets have only increased taxes for the salaried and sr citizens but no help or relief in the present circumstances of high inflation and cost of commodities daily increasing making it hard for them to survive with their meagre earnings .All the effected people by the repeated yearly time waste budget proposals and the hype every year it creates and people in the news telling this will be done and that but ultimately we have seen nothing have been done.I think it is high time we see a change in the govt who cares for it sr citizens and also middle class salaried citizens and not keep on ill treating them with nothing .When will middle class citizens see the daylight and breathe more

Aug 02

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