18% GST on insurance premium is atrocious: Former IRDAI member Nilesh Sathe

Insurance  is a necessity in India in the absence of a social security net, but the government is taxing the sector heavily even as others in the financial sector are exempted, lamented former  Insurance  Regulatory and Development Authority (IRDAI) member Nilesh Sathe. Sathe was the keynote speaker at the  insurance  round of the Business Standard BFSI Insight Summit. “Ch…