Business Daily from THE HINDU group of publications
Monday, Jul 06, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Monday, Jul 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Budget Money & Banking - General Insurance Insurance sector seeks reforms Mumbai, July 5 The general insurance industry is hoping to see an increase in the limit of premium eligible for service tax exemption, a lower tax on capital gains and bringing on par with life insurers the method of computing income tax. These are the demands put forward by the General Insurance Council to the government ahead of the Union Budget. “At present, all policies with less than Rs 50 premium are exempt from service tax. We want policies up to Rs 1,000 be exempted from se rvice tax as it will help the common man and increase insurance penetration”, said Mr S. L. Mohan, Secretary-General, General Insurance Council. The industry also wants the householders’ insurance policy to be exempted from service tax. “At the moment, not even 1 per cent houses are insured in the country and very few people take householders’ insurance. We have suggested that home insurance premiums should be exempted from tax as is done for health insurance policies”, Mr Mohan said. The council also wants the disparity in the method of computation of income tax for general insurers and life insurers to be removed. —Our Bureau More Stories on : Budget | General Insurance
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