Strengthen Fintech, Enhance Digital Skills: Reduce GST On Insurance Products

This budget should lay emphasis on offering liquidity assistance to galvanize the lending ecosystem

FinTech BizNews Service   

Mumbai, January 31, 2024: As the Indian budget approaches, BFSI companies are buzzing with anticipation.

Strengthen Digital Lending: Abhay Bhutada- Managing Director- Poonawalla Fincorp: “I think the 2024 interim budget will help deepen NBFCs contribution to India’s sustainable economic growth, aligned with the goal of becoming 5 trillion USD economy. This budget should lay emphasis on offering liquidity assistance to galvanize the lending ecosystem. I hope for more progressive policies to strengthen Fintech and digital lending ecosystem and enhancing digital skills, as well as supporting and ensuring a robust regulatory framework for NBFCs.”

Reduce GST On Insurance Products: Rakesh Goyal, Managing Director, Probus Insurance broker: "The insurance industry advocates for a reduction in the Goods and Services Tax (GST) on insurance products, a move that would significantly benefit consumers across the nation. The current 18 per cent GST rate is deemed excessively high, and anticipation exists for a revision. Moreover, there's a call for greater flexibility for deductions from health insurance for personal use, family needs, and senior care. Additionally, there is a business plea for distinct deductions within Section 80C of the Income Tax Act, particularly for insurance, a measure that holds promising potential for long-term business growth. These proposed adjustments collectively aim to create a more favourable environment for both insurers and policyholders."

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