TMC wrote a letter to the Finance Minister, demanding the repeal of 18% GST rate on health-life insurance premiums
GST: Derek O'Brien said that opposition parties including TMC raised the issue in Parliament. West Bengal Chief Minister Mamata Banerjee wrote a letter to the Finance Minister requesting the withdrawal of GST on insurance premiums.
TMC leader Derek O'Brien has requested Union Finance Minister Nirmala Sitharaman to immediately review the 18 percent GST on health and life insurance premiums in the upcoming GST Council meeting. He urged that it be withdrawn. In a letter written to Sitharaman, the TMC leader sought the withdrawal of GST on health and life insurance premiums.
Derek O'Brien said, "18 percent GST on health and life insurance premiums are big burdens on 45 crore Indians of the middle class. The insurance schemes bring financial security at times of crisis." He pointed out with his concern, "By imposing high GST rates over health and life insurance, many people won't be able to opt for the insurance schemes.". Also, many people will not be able to renew their policy. Many middle-class people are getting affected by this.
Derek O'Brien said that TMC including other opposition parties raised this issue in Parliament. West Bengal Chief Minister has written a letter to the Finance Minister to remove the GST on insurance premiums. O Brien also quoted a letter from the Union Road Transport and Highways Minister, Nitin Gadkari, in which he wrote about the grievances of the Nagpur Division Life Insurance Corporation Employees Union.
The TMC leader said, "On August 6, 350 MPs from 20 political parties opposed it in Parliament. The Union Minister wrote a letter to you in this matter." The TMC leader said, "The central government should take cognizance of this." The Insurance Regulatory and Development Authority of India has set a target of 'insurance for all' by 2047. The only way to achieve this is to repeal the 18 percent GST rate on health and life insurance premiums.
He further said, "I request you to urgently review this matter in the 54th meeting of the GST Council on September 9, 2024, and repeal the 18 percent GST rate on health and life insurance premiums." Many opposition parties also demanded its repeal. Finance Minister Nirmala Sitharaman had said that any amendment in GST should be approved by the GST Council.
