insurance agents, on Tuesday urged the government to withdraw the 18% GST on individual health insurance policies so that more people are encouraged to avail these as a measure of social security.The confederation submitted a memorandum to Finance Minister Nirmala Sitharaman with a copy to the GST Council and also to the Parliamentary Standing Committee on Finance.
In the memorandum, the confederation has pointed out that it is an anomaly that all insurance policies attract 18% GST.There should have been a differentiation between policies on commercial lines (availed by industry, commerce) and policies on personal lines, availed by individuals.