Mamata Banerjee urges Sitharaman to overview ‘anti-people’ taxation insurance policies, withdraw GST on insurance coverage premium | India Information

Calling tax on important objects ‘anti-people,’ West Bengal chief minister Mamata Banerjee urged the central authorities to take away the products and companies tax (GST) on life insurance coverage and medical health insurance premiums.
In a letter, addressed to Union finance minister Nirmala Sitharaman, Banerjee emphasised that the tx on important objects will increase the monetary burden on peculiar residents.
Presently, each life insurance coverage and medical insurance coverage premiums are topic to a GST price of 18 per cent. Banerjee expressed concern that this extra 18 per cent GST burden may discourage many individuals from buying new insurance policies or sustaining their current insurance coverage protection, probably exposing them to surprising monetary hardships.
“The first goal of life and medical health insurance is to supply monetary safety and assist throughout surprising instances akin to sickness, accidents, and premature deaths. These insurance policies play a vital function in guaranteeing that people and their households can deal with monetary hardships throughout such difficult instances,” her letter learn.

Moreover, Banerjee contended that insurance coverage is a necessary ingredient of the social security web, assuaging the federal government’s duty to supply direct monetary assist to residents throughout well being crises. She additionally requested that the central authorities embrace provisions for traditional deductions below sections 80C and 80D of the Revenue Tax Act throughout the new tax regime, that are at the moment accessible below the outdated tax regime.
“Everyone knows that well being is wealth. Healthcare is a serious social safety, and it’s our dedication to increase to the frequent folks most social safety on this space to make sure their good well being and well-being,” the letter additional learn.