Goods and Services Tax Implications on the Insurance Sector: Assessment of Awareness and Knowledge

Abstract

The GST, or Goods and Services Tax, is an indirect tax reform for the Indian economy. The long-delayed GST Bill was approved by Lok Sabha on August 8, 2016. After a very lengthy trip filled with obstacles, conflicts, and other unpleasant experiences, it is getting betterment day by day. The tax system between the federal government and the states changed as a result of GST. This chapter aims to give readers a broad picture of peoples’ awareness on how the GST affects the insurance sector. Utilizing primary data, this study was created utilising an exploratory research process. The study provides evidence that the insurance business will not be immune to its effects. The service tax has increased by 3%. The 15% service tax on banking and insurance services has been replaced with an 18% GST. It will undoubtedly influence both policyholders and the insurance sector. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2024.