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In protection products, commissions initially range between 35% and 40% before tapering off, averaging about 5-6% over time. On top of this, insurers incur about 10% in other expenses. Currently, service tax of around 2% on such costs is offset through input tax credits. If GST exemptions remove that credit, insurers will have to bear the additional expense.
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"In principle, monetary policy is always ready to support growth, but not at the cost of price stability. The proposed GST rate slab transition changes should initially result in a fall in prices of most goods and services," Bhattacharya said in an email interview.
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Bhattacharyya was appointed the RBI's executive director in March. He has nearly three decades of experience across areas such as monetary policy, fiscal policy, banking, and international economic relations. A postgraduate in economics from Jawaharlal Nehru University, New Delhi, Bhattacharyya's research interests are primarily in the areas such as monetary theory and policy, financial markets, market microstructure and fiscal policy.
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