'Cost of health, life insurance...': Nirmala Sitharaman shares crucial update on GST in Parliament

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'Cost of health, life insurance...': Nirmala Sitharaman shares crucial update on GST in Parliament

//business-finance.news-articles.net/content/202 .. -shares-crucial-update-on-gst-in-parliament.html

Published in Business and Finance on Monday, December 2nd 2024 at 6:01 GMT by Bill Williamson

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In a written response in the Lok Sabha on December 2, Sitharaman mentioned that during its meeting on September 9, the GST Council had proposed forming a Group of Ministers (GoM) to comprehensively address the issues related to GST on life and health insurance.

2024-12-02 196 x 110 / 5101 Bytes

Finance Minister Nirmala Sitharaman addressed the issue of GST on health and life insurance in the Indian Parliament, clarifying that there are no plans to increase the GST rates on these services. She emphasized the government's commitment to making insurance affordable and accessible, highlighting that the current GST rates are intended to balance revenue generation with the need to encourage insurance penetration in the country. Sitharaman also noted that the insurance sector's growth is vital for financial inclusion and protection against unforeseen events, and any changes to GST would be carefully considered to not burden the policyholders. This statement comes amidst discussions on the financial implications of insurance for the average citizen and the government's broader economic strategy.

Read the Full Business Today Article at:
[ https://www.businesstoday.in/personal-finance/insurance/story/cost-of-health-life-insurance-nirmala-sitharaman-shares-crucial-update-on-gst-in-parliament-455872-2024-12-02 ]