- Insurance brokers are advocating for a zero-rated GST structure to reclaim input tax credit, aiming to reduce costs, prevent commission cuts, and avoid premium hikes.
- The industry is divided on the proposal due to the significant policy changes required.
- The Insurance Brokers’ Association of India (IBAI) plans to approach the GST Council and CBIC after receiving initial positive feedback from officials.
- Zero-rating would allow insurers and intermediaries to claim input tax credit on expenses, addressing concerns from recent GST exemptions that blocked such credits.
- Some insurers are hesitant to support the move, but brokers argue it would benefit both intermediaries and insurance companies while maintaining affordability for policyholders.
Source: http:
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.
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