- By Aditya Pratap Singh
- Wed, 24 Jan 2024 05:17 PM (IST)
- Source:JND
Budget 2024: The interim budget for the year 2024-25 is scheduled to be announced on February 1. It will be the last budget of Narendra Modi's governemnt second tenure. As the budget is scheduled before general elections, the expectations from it are high. Industry leaders across the sector are expressing their expectations from the interim budget 2024.
Be it real-estate, banking and finance, manufacturing, or automobiles....all sectors are seeking some sort of positive announcement in their favour.
Meanwhile, Rakesh Goyal, Managing Director, Probus Insurance broker, advocated for a reduction in Goods and Service Tax (GST) on Insurance products.
"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," said Rakesh Goyal.
Rakesh Goyal also demanded flexibility for deductions from health insurance for personal use and family needs
"Moreover, there's a call for greater flexibility for deductions from health insurance for personal use, family needs, and senior care," Goyal said further.
Probus Insurance broker managing director emphasised the need for distinct deductions within secton 80c, especially for insurance.
"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," said Rakesh Goyal.
