Both policyholders and insurers want the Centre to remove 18% GST on insurance premiums. The 18% GST on insurance products is seen as a deterrent to insurance penetration, as consumers bear the brunt of higher premiums. Union Minister Nitin Gadkari wrote to Finance Minister Nirmala Sitharaman urging her to roll back the 18% GST on such financial products. Other political parties echoed the same sentiment, adding weight to the growing chorus for relief. Hopes are high for a rollback that could potentially lower insurance costs for millions.
