As it is Life insurance is a very big waste of money to the insurer,in the name of covering risk? On top GST on it is crime. The Govt has not bothered to create a welfare state. When the insurer tries to create one for himself why tax it?
The government which promoted schemes like Pradhan mantri bima yojana, etc. has increased the tax on insurance premium. To encourage more and more people to take insurance policies, the government should have reduced the GST on such premium so that more people come in the insurance net and the government would have been the ultimate beneficiary because of higher amounts of tax collected. This is certainly a retrograde step by the government.
Will GST pinch your pocket or will it make you smile? Read on to know how the new tax regime is going to impact your household budget... https://www.parentcircle.com/article/10-ways-gst-will-impact-parents/
Will GST pinch your pocket or will it make you smile? Read on to know how the new tax regime is going to impact your household budget... https://www.parentcircle.com/article/10-ways-gst-will-impact-parents/