Experts anticipate that the rationalisation of GST on life and health insurance premiums to a nil tax category from 18% will enhance affordability, increase penetration, and stimulate consumption.
While insurers may experience short-term margin compression due to the loss of input tax credit (ITC), the reduction in premiums is expected to drive higher sales and improve long-term market penetration. The move is also seen as a step towards making healthcare more inclusive and affordable, encouraging wider adoption of insurance products.
Source – sarkaritel.com
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