Over 22 lakh petition against GST on insurance premiums

By: | Published: September 6, 2017 6:17 PM

Claiming that insurance industry has been heavily hit by the imposition of 18 per cent GST, the All India Insurance Corporation Employees Union today said that about 22 lakh people have signed petition to Prime Minister opposing GST on insurance premiums.

GST, Insurance premiums, Insurance IndustryClaiming that insurance industry has been heavily hit by the imposition of 18 per cent GST, the All India Insurance Corporation Employees Union today said that about 22 lakh people have signed petition to Prime Minister opposing GST on insurance premiums. (Image: IE)

Claiming that insurance industry has been heavily hit by the imposition of 18 per cent GST, the All India Insurance Corporation Employees Union today said that about 22 lakh people have signed petition to Prime Minister opposing GST on insurance premiums. The new GST system has brought additional burden also by taxing new areas, the union joint secretary M Girija told reporters here. Stating that penalising the late fee was not justifiable, Girija said that the new areas of servicing have also been brought under tax net and service charges payable for nominations, assignments and issuance of duplicate policies were added with loading of 18 per cent GSt.

The levying of GST has brought the danger to the next level of denying the role played by LIC and Public sector general insurance companies, she said. Stating that the union has launched a signature campaign among the policy holders and the general public demanding the government for withdrawal of GST on insurance premiums and insurance related services, Girija said that more than 22 lakh people signed the petition to the prime minister.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition