Insurance players are planning to file a writ petition over the tax demand on commission paid for co-insurance, seeking a clarity from the court as levying Goods and Services Tax (GST) on the commission will amount to double taxation.
Staring at a collective tax demand of Rs.12,000 crore, the insurance sector was waiting for the GST Council meeting to get clarity over the issue.
Source: The Economic Times
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The issue of tax implications of transferring leasehold land has come to the fore once again as the authorities have started to issue notices to recover dues for such a transfer. This has sparked a significant debate among industry stakeholders as it is expected to have a major impact on future transactions and the broader real estate market.
Soon after the new government takes over in June, we will have completed seven years of the introduction of GST in the country. It is quite likely to feature further reform in this new tax system.
GST Council on Saturday decided to exempt all hostel fees, platform ticket, railway waiting room and golf cart charges as well as employee stock options from payment of tax, while reworking the system to register for the tax regime to check frauds by bogus entities.
