Nitin Gadkari urges FM Nirmala Sitharaman to withdraw 18 pc GST on life, medical insurance premiums
New Delhi, Jul 31: Union Minister of Road Transport and Highways Nitin Gadkari has requested Finance Minister Nirmala Sitharaman to withdraw the 18 per cent goods and services tax (GST) on life and medical insurance premiums.
In his letter to the Finance Minister, Gadkari raised concerns of the Nagpur Division Life Insurance Corporation Employees Union, which had submitted to him a memorandum regarding the issues of the insurance industry.
Referring to the memo, the minister said, "Levying GST on life insurance premiums amounts to levying tax on the uncertainties of life. The Union feels that the person who covers the risk of life's uncertainties to give protection to the family should not be levied tax on the premiums to purchase cover against this risk."
Further, he added that the main issue raised by the Union is related to the withdrawal of GST on life and medical insurance premiums.
Gadkari also pointed out that the Union has also raised issues related to differential treatment to savings through Life Insurance, re-introduction of income tax deduction for health insurance premiums and consolidation of public sector general insurance companies.
Both life insurance and medical insurance premiums are subject to an 18 per cent GST rate.
He further said, "Similarly, the 18 per cent GST on medical insurance premiums is proving to be a deterrent for the growth of this segment of business which is socially necessary."
"In view of the above, you are requested to consider the suggestion of withdrawal of GST on life and medical insurance premiums on priority as it becomes cumbersome for senior citizens as per rules with due verification," he said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Duleep Trophy: Pacers shine as India B beat India A by 76 runs
Bengaluru, Sep 8: KL Rahul's gumption, which helped him pile a patient fifty, found no resonance among his colleagues as India B pacers led by Yash Dayal pushed India A to a 76-run defeat on the fourth and final day of their Duleep Trophy match here on Sunday.
Chasing 275, India A were bundled out for 198 in their second innings as left-arm seamer Dayal (3/50), with able support from his colleagues Mukesh Kumar (2/50) and Navdeep Saini (2/41), led the India B attack.
Rahul top-scored for 'A' with a 51.
In the first session of the day, India B made 184 all out in their second essay to muster a handy overall lead of 274.
The India A chase began on a shaky note as Mayank Agarwal departed in the second over itself, wafting Dayal away from his body to Nitish Kumar Reddy, who made a wonderful diving catch at second slip.
That brought Riyan Parag to the middle and the right-hander followed the path set on Saturday by Rishabh Pant and Sarfaraz Khan.
Parag took on the bowlers and pacer Mukesh bore the brunt of his aggression, getting smoked for two sixes and the second maximum touched the roof of the Chinnaswamy Stadium over the mid-wicket region.
Parag added 48 runs for the second with a rather subdued Shubman Gill, who was dropped by Nitish Reddy at slips off Mukesh on 16, and 31 came off the former's bat in just 18 balls.
But the approach was tough to sustain considering the kind of assistance the bowlers were getting here, and soon his massive hoick off Dayal took an edge off Parag's bat en route to stumper Rishabh Pant.
Gill (21) departed soon, falling to Saini for the second time in the match and on this occasion, he edged the pacer to Pant.
Dhruv Jurel poked Dayal well outside off-stump to Yashasvi Jaiswal at gully, as India batters perished to a combination of bowlers' persistence on that channel and their own carelessness.
They took the lunch at a queasy 76 for four that soon transpired into 99 for six after the dismissal of Shivam Dube and Tanush Kotian, an hour into the lunch.
However, Rahul batted out 180 minutes 121 balls and milked 42 runs for the seventh wicket with Kuldeep Yadav to delay the inevitable.
The standout shot in an otherwise dour innings was a whistling on drive off Mukesh that fetched him a boundary.
But Mukesh had his revenge soon when Rahul feathered a cut off him to Pant, who completed five catches in this innings, soon after reaching his fifty with a single off Saini.
It effectively signalled the end of the road of for India A, though Akash Deep (43, 42b, 3x4, 4x6) gave a few moments of fun with a cavalier innings.
But beyond the entertainment value, it always was a case of when more than if.
Earlier, resuming from their overnight score of 150 for six India B could only 34 runs more to the total before getting bundled out.
Pacer Akash, whom Sarfaraz Khan carted around for five fours in a row the previous day, found his mojo to add the scalps of Washington Sundar and Saini to complete a five-wicket haul (5/56).
The spell will keep his name floating among the contenders when the selectors sit together soon to pick up squad for two-match Test series against Bangladesh.
