Union Minister Nitin Gadkari has expressed discomfort over the Finance Minister's decision to impose a GST on life and medical insurance premiums, citing it as a burden and deterrent for growth. This statement comes in the wake of criticism by opposition parties who have labeled the Union Budget 2024 as biased towards BJP's allies in Andhra Pradesh and Bihar. The BJP leader has urged for the withdrawal of this tax on priority and hopes for a consideration of his suggestion.
Union Minister Nitin Gadkari Expresses Discomfort over GST on Insurance Premiums
Background
On February 1, 2023, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024, which included a proposal to impose a Goods and Services Tax (GST) of 5% on life and medical insurance premiums. This proposal has drawn criticism from various quarters, including the opposition parties and Union Minister Nitin Gadkari.
Nitin Gadkari's Discomfort
Union Minister Nitin Gadkari, who holds the portfolios of Road Transport and Highways and Shipping, has expressed discomfort with the proposed GST on insurance premiums. He has cited concerns that it will burden the middle and low-income groups and discourage people from taking adequate insurance coverage.
Gadkari has urged the government to reconsider this decision and withdraw the proposed tax. He believes that it is crucial to promote insurance penetration in India, especially in rural and underserved areas.
Opposition Parties' Criticism
Opposition parties have also criticized the Union Budget for its perceived bias towards BJP's allies in Andhra Pradesh and Bihar. They have accused the government of ignoring the needs of other states and favoring those where BJP has strong political interests.
Gadkari's Suggestion
Gadkari has suggested that the government hold consultations with the insurance sector and other stakeholders before making a final decision on the GST on insurance premiums. He has also expressed hope that his concerns will be considered by the government.
Top 5 FAQs
1. Why is the GST on insurance premiums being proposed?
The GST on insurance premiums is proposed as part of the government's efforts to broaden the tax base and increase revenue.
2. How much GST will be imposed on insurance premiums?
The proposed GST rate on insurance premiums is 5%.
3. Who will be affected by the GST on insurance premiums?
The GST on insurance premiums will affect all individuals and businesses who take out insurance policies, including life insurance, health insurance, and general insurance.
4. What is the impact of the GST on insurance premiums?
The GST on insurance premiums will increase the cost of insurance policies, which could discourage people from taking out adequate insurance coverage.
5. What is the government's response to the concerns raised by Nitin Gadkari?
The government has not yet issued an official response to Nitin Gadkari's concerns, but it is likely to consider his suggestions and engage in consultations with the insurance sector before making a final decision.
A heated debate has arisen between the Samajwadi Party and the BJP over the issue of voter identity verification for Muslim women wearing burqas, hijabs, niqabs, and ghunghats in the upcoming UP by-election. The Samajwadi Party has approached the Election Commission demanding that Muslim women should not have to remove their burqas for checks, while the BJP argues that every voter must be identified. The Election Commission has confirmed that only the polling officer is authorised to verify voter ID cards, and police or security personnel are not permitted to check ID cards or request a woman to remove her burqa. As polling continues, the outcome of this controversy remains to be seen.
Amidst growing controversy and criticism, the ruling BJP in Uttar Pradesh seems to have a dilemma over its slogan, "Batoge to Katoge" coined by CM Yogi Adityanath. Within the party, Deputy CM Keshav Prasad Maurya has expressed ignorance about the slogan's context, causing opposition parties to question the party's unity. The BJP's attempts to present a consistent narrative seem to have failed as even party leaders like Ajit Pawar have spoken against the slogan. With differing slogans from top leaders, the opposition accuses the BJP of contradictions.
The results for the Maharashtra and Jharkhand Assembly polls are in, with the Shiv Sena-NCP alliance and the JMM facing a stiff challenge from the BJP. Despite facing internal divisions, the Maha Yuti alliance in Maharashtra looks set to secure a victory. Meanwhile, in Jharkhand, the JMM, bolstered by its I.N.D.I.A. allies, is expected to retain power. Stay updated with live updates and coverage on Deccan Herald and make sure to follow their Whatsapp, X, Facebook, YouTube, and Instagram channels for more news.
In the recently concluded Maharashtra Assembly elections, the Congress faced a major defeat in direct contests with the BJP, winning only 10 out of 75 seats. This is a significant decline from their performance in the Lok Sabha polls earlier this year. The BJP's average vote share per seat contested rose by 6 percentage points, while the Congress saw a decline of 14 percentage points. In some key constituencies, the Congress finished in fourth place, highlighting the immediate need for the party to reassess its strategies and connect with the voting public.
In a surprising turn of events, the Bharatiya Janata Party-led Mahayuti alliance has emerged victorious in the Maharashtra Assembly elections, securing a record-breaking 234 out of 288 seats. With the BJP coming out as the single largest party, winning 132 seats on its own, all eyes are now on who will be the Chief Minister of the state. The ruling alliance's stunning win has left Shiv Sena and Sharad Pawar's NCP far behind, with only 57 and 10 seats respectively. As celebrations break out in the winning camps, the people of Maharashtra eagerly await the next CM's announcement.
The INDI Alliance, led by Jharkhand Mukti Morcha's (JMM) Hemant Soren, secured a clear victory with 56 seats in the Jharkhand Assembly Elections 2024. The alliance's biggest partner, JMM, bagged 34 seats while Congress and RJD received 16 and 4 seats respectively. On the other hand, BJP-led NDA fell short with only 24 out of 81 assembly seats, out of which BJP alone won 21. The Jharkhand assembly elections were held in two phases and a total of 1,211 candidates were in the electoral race.
Despite initial confidence in the Maha Vikas Aghadi alliance's victory in the Maharashtra Assembly elections, Shiv Sena MP Sanjay Raut retracts statement and claims the results are not acceptable. This comes as the alliance struggles to maintain their lead against the MahaYuti alliance. In response, BJP Minister Chandrakant Patil extends an invitation to Shiv Sena chief Uddhav Thackeray to rejoin the MahaYuti, stating their comfortable position in forming the next government. The decision for the next chief minister will be made by the top leadership of the BJP and MahaYuti.
The ruling Mahayuti alliance is set for their third straight term in Maharashtra as they lead with 234 seats. PM Modi has praised their victory, while CM Eknath Shinde and Dy CM Ajit Pawar express their gratitude to the people. Meanwhile, the INDIA bloc is leading with 56 seats in Jharkhand, with JMM's Hemant and Kalpana Soren emerging as winners. In Maharashtra, BJP has won 125 seats, Shiv Sena has won 55, and NCP has won 40, while in Jharkhand, the BJP has won 24. Despite some internal disputes, the alliance has come out victorious with a strong lead in both states.
Aaditya and Amit Thackeray, political cousins in Maharashtra, have had varied outcomes in the latest assembly elections. While Aaditya managed to win a second term with thanks to his uncle's influence, Amit lost out on his maiden polls and can attribute some of the loss to his own uncle's decision. This highlights the complicated family politics at play in India and the impact it has on election results. The strongholds of Worli and Mahim saw three-way contests, with the MNS's entry proving to be a game-changer. The close margins highlight that a direct face-off between Aaditya and rival Milind Deora or between Mahesh Sawant and Eknath Shinde Sena can produce different results.
In a historic victory, Chief Minister Hemant Soren and his party registered a stunning win in the Jharkhand Assembly Elections, securing 56 out of the 81 seats. Their landslide victory was attributed to the popularity of schemes like Mukhyamantri Maiyan Samman Yojana, which provided financial assistance to rural women voters. Soren, who faced corruption charges and was released on bail, has vowed to transform the state into a "golden Jharkhand" and continue with the coalition government.