GST exemption may hit insurers in short term, but long-term gains likely: Executives

Insurance companies are expected to face a setback in the short run following the GST Council’s recent exemption on GST, as it could lead to the loss of input tax credit eligibility, said industry experts and executives, adding that the companies, however, will benefit in the long term. Individual life and health insurance premiums have been exempted from the 18 per cent GST from 22nd September onwards. This includes term insurance, health policies, including family floater and ULIPs. Read Article