GST on LIC Premiums

Signed 109/3000

Online Signatures: 109

Head IRDA

Government is charging 4.5% GST on LIC premiums, can we know like when a common man is paying for a insurance why he needs to pay tax on that? Is it meaningful?
One of the example to contradict this is recently government relaxed GST on langers organised by Sikh community considering that is a social or community activity for serving free food.
Common man is paying LIC premium using their hard earned money on which they have already paid tax. Why there is double taxation to extort money from common man?
Government must consider taking away GST on LIC premium in upcoming budget.

All GST Queries AnsweredDec 28

109 Online Signatures

Viewed by 1146

comments (11)

updates (0)

Manoj Kumar

Requesting again to help signing this petition. If it goes to govt. for consideration it will surely benefit almost everyone having LIC policy, so please spare sometime to sign this petition.
Thank you. more

Jan 29

G. C. Mathur

Charging GST on the premium buying LIC policies is a big joke: Government is collecting the tax from a person whom the policy is sold to protect him from expenditure on life saving medical treatment. The very tax is nothing but return of premium one has paid in his/her life. Shame on the Government. People must not purchase the LIC, instead deposit the premium in the bank or post office as recurring deposit and earn interest. I am signing the petition. more

Jan 29

Manoj Kumar

Requesting again to help signing this petition. more

Jan 18

Manoj Kumar

As it was not taxed earlier so why not the same could be continued.

Request everyone to enlighten us with your views on this opinion poll and help in putting maximum signatures so that it could reach the next level and our voice could be heard.

Regards more

Jan 12

Manoj Kumar

Completely agree with your points. As you have vast experience in consumer protection anticipate your help in raising the awareness for the same. First thing this petition need to cross 100 signatures to reach next level.

Regards more

Jan 13

G. C. Mathur

Buying LIC Policy is not a commodity purchase but something to save for the rainy day by paying for life security offered by the government agency. It is wrong to charge GST/CGST on LIC. The Government should withdraw such a charge immediately.

It is a question to be answered by IRDA, how it is first charging and then absorbing the tax on sales of a policy itself. Something fishy.Clarification must come fastest possible. Otherwise, fit case for resolution by the judiciary. more

Jan 13

H. S. GOVARDHANA RAO

LIC is not charging GST on the customer. it is absorbing it by itself since the beginning.

Only other insureres are charging GST on cusomers more

Jan 06

Manoj Kumar

Hello, your information is partially correct, GST is being paid by LIC for old policies, i am not sure about exact year (it can be googled). For example I took a policy in 2007 on that GST is being paid by LIC. So for such policies I just have to pay the premium amount. Another policy which i took in 2015 GST is charged on top of premium which needs to be paid by policy holder.
Hope this helps. more

Jan 09

Ram Manohar

Though I also agree LIC should not come under GST I think when I paid the GST premium, it was same and LIC ate up the GST part. So for LIC it is fine, but then it should be done for all insurances as that is part of social security I think. I mean well being of the citizens in general. So either the insurance company eats them and not send it as part to the citizens or government relaxes them , either way is fine more

Jan 04

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