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The Insurance Brokers Association of India (IBAI) has called upon the Ministry of Finance to implement further initiatives, beyond the recent revisions to the Goods and Services Tax (GST), aimed at increasing the penetration rates of health and life insurance across the nation. GST rate cut can exempt individual health insurance premiums to a specific […]
The Central Board of Indirect Taxes and Customs (CBIC) has outlined comprehensive guidelines for the provisional approval of GST refund requests through Instruction No. 06/2025-GST, issued on October 3, 2025. This process is guided by a system-driven identification mechanism and a rigorous risk assessment framework. The same complies with the decision of the 56th GST […]
Most of the automobile firms have provided the benefits of the GST reduction to consumers, while the same is slow in other categories like packaged foods and medicines because of retailers’ unwillingness to sell at lower costs without the brands or manufacturers agreeing to make up for their losses, a community survey revealed. Out of […]
The All India Notebook Manufacturers Association (AINMA) has raised noteworthy problems about an inverted duty structure after the recent GST rate rationalisation. On books and notebooks, the GST rate was already cut to zero by the 56th GST council meeting, and the tax on paper and paper boards was increased to 18%. According to the […]
From 22 September 2025, the revised Goods and Services Tax (GST) rates will come into force, which were notified by the GST council, impacting businesses across sectors. GST-registered taxpayers who follow the updated rate must update their GST software. This article offers a comprehensive guide using Gen GST Software as an example. It explains how […]
The government is currently examining e-commerce platforms to ensure that consumers benefit from the recent reductions in Goods and Services Tax (GST) on essential items and Fast-Moving Consumer Goods (FMCG). This initiative aims to guarantee that the tax savings are effectively transferred to buyers, enhancing transparency and fairness in pricing. Even after the GST cut […]
As per the circular issued by the government, the treatment of trade discounts and credit notes under the Goods and Services Tax (GST) regime; however, the experts caution that it may shift compliance and cash flow burdens onto FMCG distributors. Credit Notes and GST ITC According to GST circular 251, financial or commercial credit notes […]
The Life Insurance Corporation of India (LIC) experienced significant inflows, surpassing Rs 1,100 crore, on the first day following the repeal of the Goods and Services Tax (GST) on individual traditional life insurance policies, as reported by The Economic Times. The recent surge in monthly premium income is striking when compared to the ₹5,000 crore […]
From December 2025, India’s long-awaited GST Appellate Tribunal (GSTAT) is set to begin hearings, which will furnish long-overdue relief for thousands of taxpayers caught in prolonged litigation. More than 14000 GST cases were due as of June 2023 in the States and courts, because of the absence of a functional tribunal. After it is in […]
