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Insurers hopeful of reduction in GST on health, life premiums
Business Standard
|August 16, 2025
The life and non-life insurance industries are hopeful of a reduction in the goods and services tax (GST) on health and life insurance premiums, after Prime Minister Narendra Modi, in his speech on Friday, announced GST relaxations aimed at providing relief to ordinary citizens, farmers, the middle class, and the small and medium enterprises (MSME) sector.
Currently, GST on health and life insurance premiums is 18 per cent. For some time now, the insurers have been requesting for a reduction in health insurance GST rates to 12 per cent from the existing 18 per cent, along with the benefit of input tax credit to the insurance business.
According to the industry, revision in GST rates will make insurance more affordable, aid insurance penetration and help in achieving the 'Insurance for All by 2047' initiative—a target set by the Insurance Regulatory and Development Authority of India (Irdai).
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