stdClass Object
(
    [id] => 17090
    [paper_index] => 202506-01-022502
    [title] => IMPACT OF GST ON FINANCIAL SERVICES WITH SPECIAL REFERENCE TO HEALTH AND LIFE INSURANCE POLICY
    [description] => 
    [author] => Shivanand Medar, Dr. Sumera Aluru
    [googlescholar] => 
    [doi] => https://doi.org/10.36713/epra22502
    [year] => 2025
    [month] => July
    [volume] => 11
    [issue] => 7
    [file] => fm/jpanel/upload/2025/July/202506-01-022502.pdf
    [abstract] => This study critically examines the impact of the Goods and Services Tax (GST) on India’s financial services sector, with a focused lens on health and life insurance policies. GST, introduced in 2017 as a major tax reform, replaced a complex web of indirect taxes with a unified system aimed at enhancing transparency, reducing cascading taxes, and improving compliance. However, in the insurance industry—particularly in life and health segments—GST has had a dual effect. While it has simplified tax administration and brought uniformity, it has also increased the effective tax rate on premiums and services, thereby raising the cost burden on consumers. The study explores how these changes have influenced insurance pricing, claims processing, and the overall cost of coverage, while also assessing consumer awareness, satisfaction, and perceptions of fairness in the new tax regime. Using insights from existing literature and sector-specific data, the research highlights critical challenges such as limited OPD coverage, higher administrative costs, and lack of clarity in policy communication. It identifies key barriers to effective GST implementation, including regulatory ambiguity and low consumer financial literacy, which hinder the broader goals of inclusivity and affordability in health financing. Ultimately, the study advocates for strategic reforms such as the introduction of a merit-based GST rate for essential insurance products, better policy design, and targeted awareness campaigns to ensure that the GST framework supports both economic growth and equitable access to financial protection in India’s evolving insurance landscape.
    [keywords] => GST, Financial Services, Health Insurance, Life Insurance, Tax Impact, Consumer Perception, Insurance Policies, GST Reform.
    [doj] => 2025-07-25
    [hit] => 
    [status] => 
    [award_status] => P
    [orderr] => 113
    [journal_id] => 1
    [googlesearch_link] => 
    [edit_on] => 
    [is_status] => 1
    [journalname] => EPRA International Journal of Multidisciplinary Research (IJMR)
    [short_code] => IJMR
    [eissn] =>  2455-3662 (Online)
    [pissn] => - --
    [home_page_wrapper] => images/products_image/11.IJMR.png
)
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