The Goods and Services Tax (GST) Council is likely to discuss the issue of exempting health and life insurance from the 18 percent levy at its meeting on September 9. The proposal is under examination by the Council’s Fitment Committee, which will evaluate the potential revenue loss and other economic impacts before making a recommendation to the Council. The decision will have to consider the potential revenue loss to the exchequer, and the Fitment Committee’s analysis will play a crucial role in shaping the Council’s final decision.
Source A2ztaxcorp
Latest Posts in "India"
- GST on Hotel Rooms ≤ Rs 7,500: 5% Rate, No ITC for Hotels or Business Travellers
- GSTN Releases Key FAQs on GSTR 9/9C Filing for Financial Year 2024-25
- Supreme Court: VAT Credit Cannot Be Denied Due to Supplier’s Tax Default
- Trickiest countries in which to achieve compliance
- India announces changes in the Invoice Management System
