Tax On Insurance Anti-People In Nature: WB CM Mamata Banerjee

West Bengal Chief Minister Mamata Banerjee has called on the BJP-led central government to eliminate the Goods and Services Tax (GST) on life and medical insurance premiums, arguing that it significantly burdens people’s ability to manage their essential needs. This request follows a similar sentiment expressed by various opposition leaders, including Union Minister Nitin Gadkari.

In her letter to Finance Minister Nirmala Sitharaman, Banerjee described the GST as “highly anti-people in nature.” She emphasized that the fundamental purpose of life and health insurance is to offer financial security during unforeseen circumstances, which is crucial for individuals and families facing hardships. However, she noted that the imposition of GST on insurance premiums exacerbates financial strain on the average citizen.

Banerjee articulated that this additional financial burden could deter many from acquiring new policies or maintaining existing coverage, thereby leaving them exposed to unexpected financial challenges. She urged the government to reconsider this policy, highlighting its detrimental effects on the populace’s well-being.