Learn if a GST rate reduction requires ITC reversal under Section 18(4) of the CGST Act. This article clarifies that ITC reversal is not needed for reduced tax ...

Experts say the issue of GST reduction without the benefit of input tax credit may affect insurance and other services ...

The GST Council’s shift to a two-slab system may look consumer-friendly with lower rates, but denial of Input Tax Credit (ITC) in key sectors risks raising costs for businesses and, ultimately, ...

"ITC on group health and life insurance policies may be taken up for discussion. But there is no proposal to exempt these ...

The GST Council has recommended a full exemption from Goods and Services Tax for individual health and life insurance ...

Finance Minister Nirmala Sitharaman said the decision of GST rate rationalisation was taken unanimously, with all states ...

If the GST Council opts to exempt individual life and health policies from tax, insurers are likely to lose the benefit of input tax credit. Without ITC, potential benefits of a GST exemption are like ...

The Fertilizer Association of India (FAI) has urged the Centre to bring Goods and Services Tax (GST) rate on ammonia and sulphuric acid, which are key raw materials in the production of di-ammonium ...

The move is expected to make life insurance and health products more affordable and encourage wider adoption, particularly ...