DFS, GIC and LIC pitch for GST rate rejig on insurance premia but with ITC

Input Tax Credit (ITC) helps insurance companies lower their cash outgo for tax payment, which in turn helps the balance sheet

As the Group of Ministers (GoM) get ready for another round of discussions, three key stakeholders, Financial Services Department, GIC and LIC support lowering GST on insurance premia but with input tax credit (ITC).

Source: The Hindu Business Line