WAIVING OF GST FOR INSURANCE SURVEYORS/LOSS ASSESSORS
Insurance Surveyors have been brought under the GST whilst Agents have been kept out of GST . Surveyors may be waved under the GST Regime, As GST is to be paid compulsorily once the bill is prepared, due to the cutting of fees by some Insurers and will be paid at the time claim settlement, surveyors are required to invest for the GST amount which is causing a great hardship for Surveyors.
GST needs to be exempted to SLAs, like in the case of Agents. The loss assessement entails outflow from the premium fund which suffered GST already, and there is no value addition, except multiple increase of reports in GST. SLA claims GST, Pays to Govt., which again gets claimed by the insurance cos.
Non Receipt of payment details by Insurance Company/Deduction of Survey Fees arbitrarily which is creating problem in filing GST returns and also in accounts.
Exemption would entail ease of opeartion for both SLAs and insurers, and there is no loss of revenue to Govt. more
GST needs to be exempted to SLAs, like in the case of Agents. The loss assessement entails outflow from the premium fund which suffered GST already, and there is no value addition, except multiple increase of reports in GST. SLA claims GST, Pays to Govt., which again gets claimed by the insurance cos.
Non Receipt of payment details by Insurance Company/Deduction of Survey Fees arbitrarily which is creating problem in filing GST returns and also in accounts.
Exemption would entail ease of opeartion for both SLAs and insurers, and there is no loss of revenue to Govt. more
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Medical Insurance is a big gamble.Suppose you pay the premium for 10 years and claim it once.I think you have already paid the amount which you were supposed to pay to hospital if you had no Medical insurance.Other benefit of insurance is tax rebate,if Govt charges 18% GST on your premium and you get 20% rebate in Tax then it is hardly beneficial.This needs a relook by concerned agencies. more
Oct 18
It is atrocious to charge such high GST for medical insurance premium. As this is a social welfare insurance, the Government may well waive the GST for the medical insurance premium especially since most affected are retired persons. L.Kalavathi Retd. Bank Official Chennai, Tamilnadu,India. 11th Oct 2019 more
Oct 11
I agree that the total GST should be removed for insurance product to promote and popularize insurance among all citizens of India. more
Oct 10
I totally agree with you all. In fact, I am retired and a 18% GST on Mediclaim Insurance premium is unbearable. A 3% to 5% can be reasonable. Government must think over it. Regards, Ajoy K Guha more
Oct 08
I would suggest that GST should be 3 to 5% irrespective of products (except agricultural products) with no Input credit. more
Oct 06
