New Delhi. New GST rates have been implemented across the country from Monday. This has cost everyday things. At the same time, electronic items like TV, fridge, AC have also become cheap. All things and services have also been excluded from the scope of GST. There is also insurance in them. Till now, 18 percent GST was imposed on the installment of insurance, but now those taking insurance will not have to pay GST on the installment. Insurance companies will take GST without the installment of Life Insurance, Term Insurance and Medical Insurance. However, despite the end of GST on insurance, their premium is also expected to increase!
This is due to input credit tax. Insurance companies may not be able to take insurance on insurance policy now, but they will no longer be able to take the input tax credit of GST from the government. GST was removed on the policy, but insurance companies will have to pay GST in the head of office Wagaira. This has increased difficult for insurance companies. In such a situation, it is expected that companies should increase the installment of insurance to make up for the GST to be paid to the government on their behalf. However, if companies take this decision, it will not be possible for them to apply to the old insurance policy. In such a situation, there is no concern for those who have taken insurance first.
In such a situation, if you have to get life insurance, term insurance or medical insurance, then get it done quickly. So that despite the end of GST, you can avoid any possible increase in future installments. With less money, you will be able to secure the future of your family. Also know here that the government has ended GST only on life, term and medical insurance. 18 % GST will be taken on vehicles insurance as before.