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GST Waiver May Backfire on Premiums, Say Insurers
Financial Express Kochi
|August 21, 2025
INDIA'S LIFE AND health insurers say a full GST exemption on premiums would force them to pass the 18% tax on various input services to policyholders, defeating the purpose of the relief.
The Group of Ministers (GoM) on Goods and Services Tax (GST) on Wednesday proposed exempting health and life insurance premiums from the levy.
"If the entire health insurance premium is exempt, then there is no output GST at all. Currently, we pay 18% GST on various input services such as auditor fees, administrative expenses and office rent. If GST is fully exempt, the credit can no longer be set off and will sit in the P&L as an added cost," said a senior official at a private general insurer.
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