Business Standard

GST Council decides to exempt 24 insurance schemes for reinsurance

The proposal to exempt reinsurance schemes was recommended by the Fitment Committee and was approved by the GST Council on January 18

Hasmukh Adhia
Premium

Hasmukh Adhia

BS Reporter Mumbai
The Insurance Regulatory and Development Authority of India (IRDAI) in a circular on Wednesday has informed all insurers that the Goods and Services Tax (GST) Council in its 25th meeting, has chosen to exempt reinsurance schemes from the purview of the tax network.

The proposal to exempt reinsurance schemes was recommended by the Fitment Committee and was approved by the GST Council on January 18. The Council has prescribed that any benefit from the reduction in premium on such insurance schemes, must be passed on to the beneficiaries, as well as State and Central exchequers.

Hasmukh Adhia, Finance Secretary at the Ministry

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 29 2018 | 6:44 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com