The Finance minister introduced GST on life insurance and medical insurance premiums of 18 per cent in the recent Budget 2024 -25 which was rightly opposed by Rahul Gandhi during his budget speech and later supported by Nitin Gadkari and said " Leving GST on life insurance premiums amounts to levying tax on uncertainties of life." He also felt that person who covers the risk of life's uncertainties to give protection to the family should not be levied tax on premiums to purchase cover against this risk." And hence Gadkari asked for withdrawal of GST on life and medical insurance premiums as this step of the introduction of 18 per cent GST on life and medical insurance will affect the families of middle class and the poor and will also definitely prove to be a deterrent for the growth of this segment business. Death is a uncertainty and can happen to anybody at anytime and this should be considered by the Finance minister on humanitarian ground or face flak from opposition and from the treasury benches as evident from Gadkari's letter to the Finance minister.
