Over 22 lakh petitions against GST on insurance premiums

Coimbatore: Claiming that insurance industry has been heavily hit by the imposition of 18% GST, the All India Insurance Corporation Employees Union on Wednesday said that about 22 lakh people have signed petition to Prime Minister opposing GST on insurance premiums.

The new GST system has brought additional burden also by taxing new areas, the union joint secretary M Girija said. Stating that penalising the late fee was not justifiable, Girija said that the new areas of servicing have also been brought under tax net and service charges payable for nominations, assignments and issuance of duplicate policies were added with loading of 18% GSt.