Derek O'Brien Urges Review of 18% GST on Insurance Premiums

TMC leader Derek O'Brien has appealed to Finance Minister Nirmala Sitharaman to urgently review and withdraw the 18% GST on health and life insurance premiums at the upcoming GST Council meeting. O'Brien argues that this tax burden affects around 45 crore Indians, particularly the middle class, and threatens the affordability of crucial insurance schemes.

TMC leader Derek O'Brien has made a strong appeal to Finance Minister Nirmala Sitharaman, urging an urgent review and withdrawal of the 18% GST on health and life insurance premiums at the forthcoming GST Council meeting.

In a letter dated August 24, O'Brien emphasized that the 18% Goods and Services Tax (GST) on these premiums is a significant burden on approximately 45 crore Indians, especially those in the middle class. He highlighted the necessity of these insurance schemes in providing financial security during times of distress, such as illness, accidents, or untimely death.

O'Brien also cited concerns from other political leaders and the Insurance Regulatory and Development Authority of India, stressing the need for more affordable insurance options to meet the target of 'Insurance for All' by 2047.

(With inputs from agencies.)