GST to boost Insurance sector

Hyderabad, MAY 24: The Central government is taking all steps to make sure that the GST will be rolled out from July 1, 2017.

The GST council has already decided the taxation structure for Different Goods and Services. Now every industry section is analyzing the impact of new tax regime on the company.

Currently, the Insurance sector is also under pressure from customers to know whether their insurance premium will increase. The council has decided a service tax of 18 % in insurance premium.



The Insurance regulatory board (IRDA) chairman TS Vijayan said that "The industry will not see any negative impact with the rollout of Goods and Services Tax".

He also said that for first few months there may be a rise in premiums paid but in long run, the sector would benefit from new tax regime.

Finally, he ended up his speech say that Insurance sector has been blessed from the reforms taken by the current government and he hoped the same with GST.