AIBEA TO HON FM TO WAIVE GST ON IBA GMIS

[MOHAN P]

[JSOMA SHEKARA]

GST  rates are not an Individual decision of FM. There is a GSTcouncil  which has to approve  any changes. Even if FM agrees that IBA GIMS eligible for GST exemption the same will be placed before the council at its next sitting and has to  be approved by members.

IBA GIMS insurance is due for renewal on Nov 1st and  it is very unlikely that

AIBEA will get any response by that time.

The better solution is Banks bear GST burden by way of subsidy for current year,

On Thu, Sep 4, 2025 at 3:54 PM MOHAN P <moha...@gmail.com> wrote:

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[Harish Midha]

Also there seems another catch due to which ,there may not be much relief to policy holders as the Govt does not seem to have made any provisions relating to availing ITC credit.

Insurance companies will be required to pay GST on rentals on premises on rent and commision to agents  which they will compensate by hiking the premiums to be able to compensate for the GST which they were till now charging from their clients.

On Fri, 5 Sept, 2025, 15:40 Harish Midha, <harish...@gmail.com> wrote:

Though the premium should be paid by the respective banks as far as retirees are concerned, the least the banks should do is bear the full cost of GST ( ours being a typical policy with reference to the latest decision in respect of NON applicability of GST on medical policies OF INDIVIDUALS).

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[Harish Midha]

Though the premium should be paid by the respective banks as far as retirees are concerned, the least the banks should do is bear the full cost of GST ( ours being a typical policy with reference to the latest decision in respect of NON applicability of GST on medical policies OF INDIVIDUALS).

On Fri, 5 Sept, 2025, 15:32 JSOMA SHEKARA, <jsomase...@gmail.com> wrote:

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[Veera Reddy]

Alternatively, the successful bidder to IBA Health insurance policy , can provide a link in their website so as the intending retirees can directly remit the premium to the insurance company, just like KMD did for Go Digit policy, just by providing a separate code for each bank.

Regards

Veera Reddy P

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