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The life insurance agents federation of India had made an appeal to Basavaraj S. Bommai, chief minister of Karnataka. Mr. Bommai is the leader of the ministerial panel on GST. The panel has been constituted to study the exiting GST provisions and implement ways to rationalise the taxes.
The insurance agent’s federation has sought the removal of GST from life and health insurance products.
In the letter addressed to Chief minister Bommai, the federation stated that an 18% GST levied on the Life insurance premium made it less attractive than FDs (fixed deposits), Post office schemes, and Mutual funds GST is being imposed on them.
Insurance Agents Federation seek the removal of GST from insurance products
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