GI Agents’ Body Welcomes GST Council’s Move To Reduce GST On HI
The Confederation of General Insurance Agents’ Associations of India (CGIAI), representing the interests of non-life insurance agents across the country, warmly welcomes the GST Council’s decision to form a Group of Ministers to deliberate on the reduction of GST on individual health insurance policies
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Mumbai, Sep 13: The Confederation of General Insurance Agents’ Associations of India (CGIAI), representing the interests of non-life insurance agents across the country, warmly welcomes the GST Council’s decision to form a Group of Ministers to deliberate on the reduction of GST on individual health insurance policies.
In a recent communication to the Finance Minister, the Confederation highlighted that reducing GST on health insurance would significantly enhance healthcare infrastructure in India. This move is anticipated to create more job opportunities, bolster the health tourism sector, and positively impact the economy.
The Confederation has also urged the Group of Ministers to engage comprehensively with all stakeholders to build a consensus on this critical issue. This request comes in response to concerns from some Member States regarding the equitable distribution of benefits to the common man. Reiterating their position, the Confederation has called for the GST on health insurance to be reduced to 5% for individual policyholders and for senior citizens' policies to be exempted from GST.
This reduction is envisioned as a foundational step toward achieving the goal of “Insurance for All by 2047.”
The Confederation looks forward to a constructive dialogue and a favourable outcome that will advance the accessibility and affordability of health insurance for all.
