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Insurance may fall under 12% tax slab in GST, from 14% service tax currently

While industry demand of 5% slab may be denied, unlikely govt will impose 18% as insurance is a protection/savings product

BS Reporter  |  Mumbai 

Insurance industry is expected to come under the 12 per cent tax slab in the Goods and Services Tax (GST) regime that will be implemented from April 1, 2017. Currently, a service tax of 14 per cent is imposed. Sources said that insurance services are likely to be out in the 12 per cent slab, even though the industry had sought a slab of 5 per cent or below, this has not been granted. Further, officials said that insurance being a protection/savings product, it is unlikely that 18 per cent rate will be applicable. Sachin Menon, Partner and Head, Indirect Tax, KPMG explained that ...

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