At present, on June 22, the Items and Companies Tax (GST) Council convenes below the management of Union Finance Minister Nirmala Sitharaman. This assembly marks a big gathering since October 7, 2023, when the council, additionally chaired by Sitharaman, made selections together with the imposition of a 28% GST on on-line gaming, casinos, and horse racing. Amidst ongoing discussions and postponements, the council now reconvenes to handle essential points below Sitharaman’s stewardship as soon as extra.
Moreover, the Council will make clear GST applicability on co-insurance, the place a number of insurers share legal responsibility in a proportionate method. At the moment, just one insurer pays GST, resulting in trade confusion and non-payment points. Notices have been issued to a number of insurers, together with Star Well being and ICICI Lombard, for non-payment of GST on co-insurance and reinsurance premiums. The Council goals to handle these ambiguities to make sure correct tax compliance within the insurance coverage sector.
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