- GST Council to discuss co-insurance and re-insurance issues at next meeting
- Industry practices leading to non-payment of tax need clarification
- GST authorities have completed investigations into insurance companies for tax evasion
- Notices sent to insurance companies regarding higher commission paid to agents, coinsurance, and reinsurance
- Stakeholders have sent representations seeking clarifications
- Coinsurance involves multiple insurance companies sharing liabilities, clarification needed on GST payment
- Reinsurance involves transferring risk to another company, clarification needed on difference in amount paid by consumer and company
- LIC, Star Health and Allied Insurance, and ICICI Lombard General Insurance received GST notices for non-payment of tax
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
