Kadapa MP seeks GST exemption on life, health insurance
Kadapa MP Y.S. Avinash Reddy speaking on GST during his address in Parliament.
Kadapa MP Y.S. Avinash Reddy has appealed to the Central government to provide GST exemption or reduction on products impacting the livelihood of the common man.
During his address in Parliament on the Finance (No. 2) Bill, 2024 discussion on Tuesday, he expressed concern over the 18.5% GST levied on life insurance and health insurance premiums and sought a heavy slash on the same.
Making a comparison with the BRICS nations, Mr. Reddy said that he found the individual income tax rates to be higher in India. While tax deductions towards health insurance premiums remained the same over the last ten years, the MP found out that the actual medical expenses have increased several times during the said period. With regards to this, he sought a drastic reduction in the tax levied on the premium paid towards life/health insurance products.
Similarly, Mr. Avinash Reddy also sought five percent exemption in GST for the products impacting the lives of farmers, weavers and fishermen, such as farm equipment, nylon twines and others. “The above sections are in severe distress and hence the need to support them,” he said, while seeking Minimum Support Price (MSP) for all the agricultural products.
Mr. Reddy also observed that 77 percent of wealth concentrated in the hands of 10 percent of individuals in India, widening the inequality between the rich and the poor. He wanted the gap to be bridged in order to distribute the resources evenly.
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Andhra Pradesh