Insurance premium may become costlier if GST is reduced to zero, industry explains why

As the government plans to overhaul GST rates across the industries, the insurance sector is on the radar for possible GST rate changes. As per CNBC-TV18, the government is planning to reduce GST on life insurance and health insurance from the current 18 per cent to 5 per cent or zero.  Lower GST: How will it impact premiums?  While at the onset it looks like a reduced GST on health and…