Experts caution that the benefit depends on whether premiums are nil-rated or exempt, a distinction that could decide if policyholders save or face higher costs.
FHRAI has urged the GST Council to restore input tax credit (ITC) after its withdrawal on hotel rooms below Rs 7,500. The body warns that rising costs could strain mid-scale hotels, deter reinvestment, and weaken India’s global competitiveness.
The Finance Ministry has directed insurance companies to actively promote GST exemption on individual life and health policies. The reform is set to make insurance more affordable, improve financial security and boost insurance penetration across India.
FM Sitharaman says GST reforms have cut rates, boosted collections to Rs 22 lakh crore and delivered benefits to both 140 crore citizens and State governments.
From Sept 22, aerated drinks face a flat 40% GST. Distributors warn of stranded ITC and blocked working capital, urging Finance Ministry intervention.
Jharkhand Income Tax Department seeks CBDT approval to cancel licences of chartered accountants involved in facilitating Rs 2000 crore political funding tax evasion.
GST Chennai Outer Commissionerate arrests man from Ambur for masterminding a Rs 11.90 crore fraudulent ITC racket. Multiple dummy firms and bogus invoices were used to illegally claim input tax credit and action is underway against all involved.
The Insurance Amendment Bill 2025 may be introduced in the Winter Parliament session, allowing 100% FDI in India’s insurance sector and boosting policyholder protection, LIC reforms, and industry growth.
Union Finance Minister Nirmala Sitharaman said GST 2.0 is a victory for all citizens, reducing taxes on 99% of goods, resolving classification disputes, and simplifying compliance from September 22, 2025.
Finance Minister Nirmala Sitharaman said GST 2.0 has removed classification disputes, simplified rates, cut taxes on 300+ items and introduced faster refunds.
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