Indian Union Budget 2021-22: The world has not yet emerged from the global epidemic coronavirus crisis. The risk remains in many countries including India. The coronavirus epidemic has had a huge impact on the people of the country. During this time, the importance of health insurance among people has increased rapidly. People have started seeing it as a necessary investment. Budget 2021 is also going to be presented at this time when the discussion of coronavirus epidemic remains. It is believed that this time there may be some big announcements regarding health insurance. Experts associated with the health insurance sector also believe that this time the budget can remain healthy. The way the insurance sector has changed and innovated due to the Coronavirus epidemic, the government may announce some relief to taxpayers.
Tax exemption on corona vaccination
Gopal Balachandran, chief financial officer and chief risk officer of ICICI Lombard Insurance, says that it would be big if the government included the cost of the tax paid by people in the ambit of the tax deduction on health check-ups. The step will prove. He also says that though tax deduction is achieved due to payment of tax insurance premium paid by taxpayers. But if the deduction achieved due to the payment of insurance premium is increased by at least another 50 per cent, then the reach of health insurance in the country will increase.
In this way, the scope of health insurance can increase
He says that the GST charge on health insurance premium paid by corporate companies should be given on that input tax credit. The input tax credit should be given on GST charge on purchase of group health insurance cover. However, there is no provision in the current GST law. He says that COVID-19 has created the need to make health insurance compulsory for all employees. Health insurance is essential for the protection of their health and life. In such a situation, if the government makes such announcements, then it can get a strong basis to increase the reach of health insurance from here.
There will be less burden on taxpayers
With this, health insurance will not only save the citizens and taxpayers from problems but also reduce their tax burden. India is a country with a young population, where people need health insurance. If the government encourages buying an insurance policy, then people will have more money left in their hands, which they will be able to spend. People who work or do business will save their income because the expenses incurred on diseases, hospitalization and health-related problems will be saved due to health insurance. Health insurance covers medical expenses.
The government will also benefit
When people have more money to spend, it will also go to the treasury of the government. The government will be able to raise more revenue through indirect taxes on these expenses. He says that there is every hope that in the coming budget, the government will take appropriate steps to give momentum to the non-life insurance sector. This will increase the scope of insurance in the country.