Calling tax on important gadgets ‘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 insurance premiums.
In a letter, addressed to Union finance minister Nirmala Sitharaman, Banerjee emphasised that the tx on important gadgets will increase the monetary burden on unusual residents.
At the moment, each life insurance coverage and medical insurance coverage premiums are topic to a GST charge of 18 per cent. Banerjee expressed concern that this extra 18 per cent GST burden would possibly discourage many individuals from buying new insurance policies or sustaining their present insurance coverage protection, doubtlessly exposing them to sudden monetary hardships.
“The first goal of life and medical insurance is to offer monetary safety and help throughout sudden occasions similar to sickness, accidents, and premature deaths. These insurance policies play an important position in making certain that people and their households can deal with monetary hardships throughout such difficult occasions,” her letter learn.
In a letter, addressed to Union finance minister Nirmala Sitharaman, Banerjee emphasised that the tx on important gadgets will increase the monetary burden on unusual residents.
At the moment, each life insurance coverage and medical insurance coverage premiums are topic to a GST charge of 18 per cent. Banerjee expressed concern that this extra 18 per cent GST burden would possibly discourage many individuals from buying new insurance policies or sustaining their present insurance coverage protection, doubtlessly exposing them to sudden monetary hardships.
“The first goal of life and medical insurance is to offer monetary safety and help throughout sudden occasions similar to sickness, accidents, and premature deaths. These insurance policies play an important position in making certain that people and their households can deal with monetary hardships throughout such difficult occasions,” her letter learn.
Moreover, Banerjee contended that insurance coverage is an important factor of the social security web, assuaging the federal government’s accountability to offer direct monetary help to residents throughout well being crises. She additionally requested that the central authorities embrace provisions for traditional deductions underneath sections 80C and 80D of the Earnings Tax Act throughout the new tax regime, that are at the moment obtainable underneath the previous 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 individuals most social safety on this space to make sure their good well being and well-being,” the letter additional learn.
