TMC's O'Brien urges Sitharaman to withdraw 18% GST on insurance premiums

TMC leader Derek O'Brien has urged Finance Minister Nirmala Sitharaman to "urgently review" and withdraw the 18 per cent GST on health and life insurance premiums during the upcoming GST Council meeting.

O'Brien, in a letter dated August 24, demanded that the GST on health and life insurance premiums be withdrawn at the 54th meeting of the GST Council.

"The 18 per cent Goods and Services Tax (GST) on health and life insurance premiums is a burden on 45 crore Indians comprising the middle-class," said O'Brien, the Trinamool Congress' (TMC) leader in the Rajya Sabha.

"These insurance schemes provide financial security during times of distress, may it be an illness, accident, or untimely death. It is our collective responsibility to ensure that all sections of society are able to afford this crucial social safety net," he said.

O'Brien also expressed fear that levying a high GST rate on health and life insurance might lead to many citizens not opting for insurance schemes or even ...