TMC leader and Rajya Sabha MP Derek O'Brien has written to Finance Minister Nirmala Sitharman demanding the withdrawal of Goods and Services Tax (GST) on health, life insurance premiums at the upcoming GST council meet. O'Brien called the 18% Goods and Services Tax (GST) on health and life insurance premiums a "burden on 45 crore Indians comprising the middle-class" in his letter to the Finance Minister. He has asked the FM to "urgently" review the matter at the 54th meeting of the GST Council which is scheduled for September 9.
"These insurance schemes provide financial security during times of distress, may it be an illness, accident, or untimely death. It is our collective responsibility to ensure that all sections of society are able to afford this crucial social safety net." You Might Also Like: 18% GST on health insurance: FM Sitharaman addresses issue in the Lok Sabha He said, levying a high GST rate on health and life insurance may lead to many citizens not opting for insurance schemes, or even existing policy holders not renewing their policies.
"The public at large, and especially the middle-class, has been severely impacted by this." The Union Minister of Road Transport and Highways also wrote a letter to you on this issue, said the TMC leader. Reducing GST rates has also been endorsed by the Standing Committee on Finance in its 66th Report submitted to Parliament in February 2024, he said.
Quoting the report he said, "The Committee, with a view to make insurance m.