New Delhi: The Insurance coverage Regulatory and Improvement Authority of India’s (IRDAI) has once more made recent plea to the Finance Ministry for discount in GST of well being and life insurance coverage, a transfer, which if authorised might decrease the premiums of the insurance coverage schemes.
IRDAI has approached the Finance Ministry, requesting it to chop GST charges on life and medical insurance premiums, within the wake of the COVID-19 pandemic, which has as soon as once more highlighted the necessity and utility of getting an insurance coverage scheme.
Sources instructed Zee Media that IRDAI has requested the Finance Ministry to scale back the GST on insurance coverage from 18 p.c to five p.c. Within the GST 18 p.c bracket on insurance coverage, the tax half for Rs 5,000 is estimated at Rs 900.
It should be famous that IRDAI has for lengthy been urgent for the demand to scale back GST on insurance coverage. All eyes will now be upon the 42nd GST Council’s subsequent assembly which is scheduled for September 19.
Within the 41st assembly of the Items and Providers Tax (GST) Council held in August, held deliberations through video conferencing on methods to make up for the shortfall in states’ revenues.
The GST Council assembly contains representatives of all states, and headed by Union Finance Minister Nirmala Sitharaman,