India, Nov. 18 -- LIC Managing Director Ratnakar Patnaik on Monday pitched for exempting life insurance sector from Goods and Services Tax as it would help insurers claim input tax credit. Patnaik also welcomed the Government's decision to eliminate the Goods and Services Tax (GST) on all individual life and health insurance premiums, effective September 22, 2025. "My small request will be...It is zero taxation. Can it be GST exempt? That will help us to have some input tax credit (ITC) in place," Patnaik said,while speaking at CII Financing Summit here.

In August,the GST Council resolved to cut GST to zero without putting it under the GST exempt category. Under the latter, companies like LIC can benefit by way of saving on operational c...