Nitin Gadkari publicly requested the finance minister to withdraw GST on life insurance. Until now, LIC premium had no GST and was exempted from taxation.
But the new budget brought taxes in this sector. Following this, Gadkari has publicly expressed his disagreement. Nitin Gadkari requested Finance Minister Nirmala Sitharaman to withdraw GST on life and medical insurance premiums.
If tax is levied it will affect the investment of poor people. LIC is the country’s largest investment bank. Nitin Gadgari’s move is to maintain the importance and special status of LIC.
