Stop the loot on GST 18 pct on health and life insurance

Government is making huge money out of health and life insurance premiums people pay. Their own road minister said to them, don't levy tax on uncertainties of life.

Rough Math On GST Collected By Govt In FY24 On Health & Life Insurance Premium

Health Premiums Collected = Rs 1.10 Lakh Crore

Life Premiums Collected = Rs 3.78 Lakh Crore

Above Figures Are Ex-GST 👆

Govt Collected 18% GST On Health Insurance & Life Insurance Premium

GST Collected On Health Premium = Rs 19,600 Cr

GST Collected Life Premium = Rs 68,000 Cr

Total GST Collected (Life & Health Insurance) = Rs 87,600 Cr more  

View all 22 comments Below 22 comments
Mr. Nitin Gadkari has written to the FM about this. Let's see if anything happens. more  
Yes agreed big loot is current Govt clear agenda. Even after paying- Income tax, GST, Service tax and many more through nose, what real benefits passed on !! Survival for the middle class has become so tough that more and more cases of suicides. Corruption has increased multifold, so those who make money in unscrupulous means are very comfortable. They are finding hard where to park their easy money. Till the Govt attack Black money menace, all of us would keep suffering with inflation going over the roof. Ordinary citizens are just "kathputlis" more  
The Transport minister and the one who royally nixed the middle class with his 10/15 motor vehicle life policy has requested the Finance Minister to remove/reduce 18% GST on Life and Medical insurance premiums. (Not so much on medicines) An excellent suggestion, considering that insurance started getting taxed at 5% and then later 8% further upped to 12.36% by 2014 and in 2017 it became 18%. Input Tax Credit is not available on most policies. Doesn't the minister know that the FM alone can’t change any rate on any product/service under GST Laws? Any change requires a vast majority to vote in favour by almost every state/UT FM in the GST council meeting to accept such a proposal. Then why is the minister advising only the FM? He has been doing the same thing with tax on Hybrid motor vehicles which are at 40%. By doing this he is only provoking the Middle class which subcribes to most insurance policies. If the minister is so concerned, why doesn't he convince the Opposition Parties to vote for reducing GST on Insurance Premiums and also cosnider including Petroleum Products in the ambit of GST? Is the Government ready for any of that in the first place? This is the bane of politics in India - focus on fuelling pain points and not on effective solutions. more  
Better not to bring them under gst. Then, we will have to bear the gst. Yes, professional tax is a solution. I presume they pay income tax. more  
the present govt like all its budgets have only increased taxes for the salaried and sr citizens but no help or relief in the present circumstances of high inflation and cost of commodities daily increasing making it hard for them to survive with their meagre earnings .All the effected people by the repeated yearly time waste budget proposals and the hype every year it creates and people in the news telling this will be done and that but ultimately we have seen nothing have been done.I think it is high time we see a change in the govt who cares for it sr citizens and also middle class salaried citizens and not keep on ill treating them with nothing .When will middle class citizens see the daylight and breathe more  
Post a Comment

Related Posts

    • Plastic in Karnataka Idlis

      Once again food safety in India is a joke FSSAI is clueless and so Are so many state food depts The Karnataka Food Safety Department discovered that 52 hotels across the state were ...

      By Ashima Gupta
      /
    • Income tax notice to expect

      If attached is the extent they are going, everyone needs to look at their inflow as well as outflow according to their lifestyle. Please go through attached. Want income tax department ...

      By Ruchika L Maheshwari
      /
    • Aadhar updation still in nineties mode

      You need to stand in queue for few hours in morning for tokens (only 20 per day) and then wait for your turn like 1980s Government of India should launch online tokens, increase the dail...

      By Ruchika L Maheshwari
      /
    • Selenium in wheat and people turn bald

      Over 300 individuals in Buldhana, Maharashtra, experienced sudden and severe hair loss, traced to wheat supplied through India’s Public Distribution System. Investigations by Padma awardee Dr...

      By Seema Shah
      /
    • Mahakumbh Loot by various agencies

      Today the Dainik Bhaskar paper has carried the LocalCircles survey as main headline of the paper on how people going to Mahakumbh have been subjected to overcharging by all agencies.

      By Seema Shrivastava
      /
    • Toll and Tax loot of India

      200 km toll charges Rs 500 Assuming Car mileage of 15 KM per liter Diesel, Cost of fuel for 200 km is Rs 1300/- Toll Charges Rs 500 Cost of travel Increased by 38...

      By Amit Mishra
      /
    • Society is a multiple reflection of media

      Many inappropriate things are shown in media like use of abusive language, violence, smoking, drinking, details of how several crimes are committed. Media personnel give the argument they show what...

      By Chander Jain
      /
    • Regulation of video OTT platforms must says SC

      I am pleased to share with all that yesterday supreme court reprimanded the Govt and told them to regulate obscene content. Youtube was specifically mentioned.

      By Vinita Agrawal
      /
    • Stampede on New Delhi station

      LocalCircles CEO has rightly put out on social media that despite people listing out concerns of safety, the Ministry has failed to act.

      By Garima Sharma
      /
    • Edible Oil prices

      A weaker rupee is pinching consumers, with cooking oil prices increasing 5% in past fortnight. With 60% imports, the rupee's depreciation coupled with an increase in cooking oil prices at their ori...

      By Garima Sharma
      /
    • Rules for podcast and audio video platforms

      India has taken bad taste, provocative content to the next level with these stupid comedy shows full of crude humour. It doesn’t go with the heritage and culture of this country. I...

      By Ajay Dutta
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)