According to officials, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed to the Union Ministry of Finance that the Goods and Services Tax (GST) on insurance premium payments be reduced from 18 per cent to 5 per cent. This has been a request that has been repeatedly set forth by the industry, whose representatives note that insurance penetration is still very low in the Indian market and lowering the costs associated with insurance products would significantly boost adoption.
This story is from the September 14, 2020 edition of The New Indian Express Chennai.
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This story is from the September 14, 2020 edition of The New Indian Express Chennai.
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