Will the GST waiver improve penetration? I BFSI Summit 2025

Insurance industry leaders agreed that while the proposed goods and services tax (GST) waiver could support penetration, it cannot, on its own, transform the sector. In a panel discussion on the topic "Will GST waiver improve penetration?" at the Business Standard BFSI Insight Summit 2025, Ratnakar Patnaik, Managing Director (MD) at Life Insurance Corporation (LIC), said, “GST waiver alone will not help in penetration levels."