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Insurance cost will come down if GST is reduced: Sitharaman
Financial Express Mumbai
|December 03, 2024
The cost of health and life insurance policies to policyholders is expected to come down if the Goods and Services Tax (GST) Council recommends a reduction in the tax rate, finance minister Nirmala Sitharaman informed Parliament on Monday.
"As the GST rates are applicable over and above the insurance premium, if the GST rate is reduced, it is expected to benefit the policyholder directly, especially in a competitive market with many insurers as the cost of insurance (health & life) will reduce to that extent," Sitharaman said. Currently, an 18% GST is levied on premiums paid for life and health insurance policies.
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