(NDTV)
Nitin Gadkari, Minister for Road Transport and Highways, has formally requested Finance Minister Nirmala Sitharaman to reconsider and withdraw the 18% Goods and Services Tax imposed on life and medical insurance premiums. This appeal comes in response to a memorandum from the Nagpur Life Insurance Union, which highlighted several pressing issues within the insurance sector to the minster.
In a letter addressed to the Finance Minister, Gadkari emphasised that the memorandum’s primary concern was the GST applied to life and medical insurance premiums. Gadkari’s argument reads that the 18% GST, currently applied to both types of premiums, penalises individuals seeking to protect themselves and their families against life’s uncertainties. He contended that taxing life insurance premium.essentially taxes the very act of preparing for unforeseen circumstances, which is counterproductive to the objective of providing financial security.
