AIBPARC TO HON FM ON WAIVER OF GST ON GMIS

[MOHAN P]

Waiver of GST on Health Insurance Policies for the Senior Citizens and exemption/ reduction of GST on numerous items giving relief to the Common Man and impetuous to Developments. 

[JSOMA SHEKARA]

This is the scheme devised not by Banks but by IBA, a private body which is not an employer. Banks are only felicitating processes like collecting premiums and remitting the same to Insurance companies. In 2012 DFS had advised Banks to formulate a health Insurance scheme out of staff welfare funds allotted for Banks.

To avoid liability for Banks iBA in collaboration with Unios devised a scheme wherein  retirees as subscribers of the scheme bear100% of Insurance premium.

In every group Insurance policy individual ID Catds are issued and names are provided to Insurance companies.This cannot be a ground for claiming this as Individual policies. In Group Insurance schemes employers provide a group insurance scheme for retirees also for free or collecting a nominal  amount as subscription. In GIMS if UFBU for reasons best known to them agree that retirees shall bear 100% of premium instead of bargaining for subsidy, this will not be considered as  individual policies.

Retiree associations  who  take credit for GST reduction, which is funny, never fought for the subsidy from Banks.

As claimed by retiree associations and unions, the Government buckled under pressure from these unions and reduced GST on Insurance premiums. Let us hope the government once gain due to pressure from AIBRF, AIBPARC and AIBEA bend rules and give GST exemption to GIMS of IBA.

It is surprising these unions, which have so much power to make the government agree for GST exemption, failed to convince  their own banks to bear a portion of the premium as subsidy.

On Fri, Sep 5, 2025 at 7:44 PM MOHAN P <moha...@gmail.com> wrote:

Waiver of GST on Health Insurance Policies for the Senior Citizens and exemption/ reduction of GST on numerous items giving relief to the Common Man and impetuous to Developments. 

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