18% GST on Insurance Policy: West Bengal Chief Minister Mamata Banerjee has called the decision to impose 18 percent GST on life insurance and health insurance policies anti-people and has urged to withdraw it. Mamata Banerjee has written a letter on this issue to Union Finance Minister Nirmala Sitharaman on Friday. She said in this letter that the main purpose of life insurance and health insurance is to provide financial security and assistance in situations like illness, accident and premature death.
Mamata’s party will protest if GST is not repealed
Let us tell you that Mamata Banerjee had recently said that if the Center does not remove the GST imposed on health and life insurance policies, then her party will start a movement. The Chief Minister said in the letter, “I am writing with great sadness about the imposition of 18 percent GST on life insurance and health insurance policies / products and the withdrawal of deductions under Section 80C and 80D of the Income Tax Act in the new tax system, which in my opinion is anti-people. ”
The burden of the common man is increasing due to the imposition of GST on insurance
The Chief Minister said that GST levied on insurance premium increases the financial burden on common people. This burden may deter many people from taking new policies or continuing their existing insurance policies and may also increase the risk of unexpected financial crisis. He said that withdrawal of GST on life insurance and health insurance premiums and inclusion of deduction under Section 80C and 80D of the Income Tax Act on such premiums in the new tax regime will facilitate comprehensive insurance coverage. He told the Finance Minister, “I am sure that you will take this request with all seriousness.
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