02-Aug-2024 06:18 PM
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Kolkata, Aug 2 (Reporter) West Bengal Chief Minister Mamata Banerjee on Friday dashed off a letter to Union Finance Minister Nirmala Sitharaman to roll back the levying of 18 percent GST on life insurance and health insurance premiums.
In her letter, Banerjee said, "I think the imposition of 18 percent GST on life insurance and health insurance is an anti-people decision. Moreover, the absence of exemptions under Section 80C and 80D for these under the new tax structure is also inconvenient for the common man."
"GST on insurance premiums increases the financial burden on the common man. This additional burden can deter many individuals from buying new policies or continuing old insurance coverage," Banerjee wrote.
"Life and health insurance must be available to everyone in the society — starting from farmers and labourers to the salaried class. It is clear that the burden of GST on health and life insurance will put the common man under more stress," she said adding, "I request you to waive this GST to bring more people under the insurance cover and include sections 80C and 80D in the new tax regime for the mental peace and financial prosperity of the common man."
In an X post on Thursday, Banerjee said, "Our demand to the Government of India is to roll back GST from life insurance and medical insurance premiums on grounds of people's health imperatives. GST adversely affects people's ability to take care of their basic vital needs. If the Government of India does not roll back the anti-people GST, we will be bound to hit the road...////...