Life insurers call for a lower GST rate of 12%

Life insurance firms have pitched for a lower Goods and Services Tax (GST) rate of 12 per cent on the ground that it has impacted premium costs. At present, GST at the rate of 18 per cent is levied on most insurance schemes, compared to a previous service tax of about 15 per cent. “It has been difficult for life insurers to absorb the higher GST rate. Premiums are already low and so we have had to…