Insurers will no longer be able to claim input tax credit (ITC) on Goods and Services Tax (GST) paid on commissions and brokerage for individual health and life insurance policies from September 22, ...

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. The introduction of GST brought about ...

Prime Minister Narendra Modi had announced a two-slab GST structure that could help rev up consumption and streamline indirect taxation, in a move that could be the most significant overhaul of the ...

Delhi GST allows taxpayers to correct past ITC denials caused solely by Section 16(4) time limits, applying Section 16(5)/(6) via a special rectification ...

The government’s recent circular has brought clarity on trade discounts and credit notes under the GST regime, but has shifted compliance obligation and cash-flow pressure onto FMCG distributors, ...

Mumbai: After the insurance industry lost input tax credit benefits from the recent goods and services tax (GST) exemption, the sector's intermediaries are drumming up support for a ‘zero-rate’ tax ...

Insurance agents and distributors face reduced commissions following the removal of GST on insurance policies. Insurance companies are cutting agent payouts by 15-18% to cover increased operating ...

Two months after the government reduced GST on solar modules from 12 percent to 5 percent, developers say the relief has been minimal, because, in practice, the lower rate has limited their ability to ...

The investigation revealed that the company is actively engaged in availing fraudulent Input Tax Credit solely on the basis of invoices without any underlying supply of goods or services. Central GST ...

A recent GST circular clarifies trade discounts and credit notes, easing manufacturers' tax burden but creating cash-flow pressure for FMCG distributors due to accumulated input tax credit.