GST on Rent GST on Insurance Premium Frequently Asked Questions 1. What is the GST Rate on Imported Mobile Phones? The GST rate on imported mobile phones and their components is 18%. However, the overall cost of imported phones is influenced by various factors such as custom duty, import du...
-Clarifications regarding applicability of GST on certain services January 28, 2025 GST -Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the re...
Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer. Clarification on various issues pertaining to GST treatment of vouchers ...
Other indirect tax compliance requirements Insurance premium taxes: compliance and related compliance advisory Other local taxes, such as environmental taxes, energy taxes, medical device taxes, local statistical reporting requirements, etc.
GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12% Services provided by GTA to Government departments/local authorities which have taken registration only for the purpose of deducting tax under Section 51 shall be excluded from the payment of tax...
Insurance policies allow certain deductions while computing income tax under Sections 80C and 80D of the Income Tax Act, 1961. Customers can avail deductions on the premium, including the GST applicable. Arguments for Withdrawing the GST on Premiums High Premium Increases: Significant increases in ...
Thoroughly review GSTR-2A and conduct a proper reconciliation to claim ITC on these overlooked charges. ITC on Miscellaneous Business Expenses: Some overlooked expenses, though minor, can still be claimed under ITC. Here’s a list of such potential claims: ITC on insurance for company vehicles ...
Credit certificatemeans a certificate issued by the allocating agency to a taxpayer that specifies the amount of affordable housing tax credits that can be applied against the taxpayer’s individual or corporate income tax, or franchise, captive insurance premium, or insurance premium tax liability as...
Premium Photo from wallpaperflare.com The premium is the amount you pay every month for your health insurance plan. The premium amount depends on the plan you choose. Often, the premium price affects the price of the other features.
insurance such as in term insurance plans, the GST of 18 percent will be on the entire premium. If the current premium of a term plan is Rs 10,000, (excluding the service tax of 15 percent) the GST impact will up the premium including tax by Rs 300 i.e from Rs 11,500 to Rs ...