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.
In a show of strong unity and determination, thousands of Jains from Mumbai took to the streets to protest against the proposed demolition of a 90-year-old Jain temple by the BMC. Political figures such as Minister of Skill Mangal Prabhat Lodha and Vile Parle MLA Parag Alavani joined the rally in solidarity with the community. The protest halted after the BMC agreed to remove debris, signaling a potential resolution to the issue.
In his speech during the ongoing Budget session, Prime Minister Narendra Modi commended the efforts of Indian citizens in making the Maha Kumbh a successful event, citing its record-breaking attendance of 66 crore devotees. He also acknowledged the unity in diversity seen at the event, which reflected India's strength. However, the Congress criticized PM Modi for not addressing the stampede deaths that occurred during the Maha Kumbh.
The New Hampshire Senate was unable to pass a bill that would have legalized home cultivation of cannabis for medical purposes, as the vote ended in a deadlock. Despite the growing demand for decriminalization, it seems unlikely that marijuana will be legalized this session, with the governor strongly opposed to changing the current laws. While some senators argued that patients should have access to homegrown cannabis, others raised concerns about potential risks and abuse. The issue is likely to come up again in future sessions as the call for legalization continues to grow.
Gurmeet Ram Rahim Singh, who is currently serving a 20-year jail term for rape, has been granted a 21-day furlough by the Haryana government. This decision has sparked outrage from the families of his victims, as Singh has a history of using his furloughs and paroles to influence elections in certain states where his followers hold significant power. Amidst the controversy, cancer survivor Susana Demore urges people to be cautious of everyday products that may contain harmful chemicals, especially for those with cancer.
As President Donald Trump addresses a group of faith leaders at a recent prayer service and dinner, he reaffirms his commitment to preserving America's Christian values. In his speech, Trump touts his accomplishments in line with Christian beliefs and vows to never let the country's motto of "In God We Trust" be changed. He also takes a swipe at previous administrations for not standing up for persecuted Christians around the world, promising that things will be different under his leadership.
The Indian government has assured the Supreme Court that no appointments will be made to Waqf Boards and the Central Waqf Council until the next hearing on May 5. The court is currently considering the constitutionality of several aspects of the Waqf Act, 2025, including the inclusion of non-Muslims in Waqf Boards and the power of the Collector to change the status of disputed waqf lands. The Centre has requested a week to file an affidavit before the court passes an interim order, and the cases have been deferred to May 5.
Dera Sacha Sauda chief and rape convict Gurmeet Ram Rahim Singh has been granted a 20-day parole ahead of the upcoming Haryana assembly elections, sparking controversy and backlash from political parties. This marks the 10th time in the past two years that the convicted leader has been granted parole for various reasons, raising questions about the motives behind his frequent releases from prison. The Supreme Court has also issued a notice in connection with a 2002 murder case involving the former Dera manager, adding to the ongoing legal battle surrounding Ram Rahim.
The recently passed Waqf (Amendment) Act, which addresses the management of religious properties, has sparked controversy and has been challenged in the Supreme Court. This raises the question of whether the Supreme Court has the power to overturn a law passed by the Parliament. This article explains the Supreme Court's authority and previous instances of it declaring laws unconstitutional.
In a hearing regarding the constitutional validity of the Waqf (Amendment) Act, 2025, Chief Justice of India Sanjiv Khanna stated that the Supreme Court has recorded the Centre's assurance that no appointments will be made to Waqf Boards and Councils under the Act until the next hearing. The Court has directed that a nodal counsel be appointed to coordinate amongst all parties involved and that no Waqf property, including those declared by notification, will be altered by the Collector. The Centre has been ordered to provide a response within seven days and the petitioners have been given five days to respond.
In a recent hearing, the Supreme Court has ordered protection of registered Waqf and announced that the Centre will have to respond within seven days to the petitions challenging the Waqf (Amendment) Act. This comes as the court continues to hear the petitions challenging the act, ensuring that Waqf, already registered or declared, will not be denotified or changed by the Collector until the next hearing. This decision has been met with both scrutiny and support from various political entities.