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Insurance companies have knocked on the doors of the GST Council. These companies are seeking a cut in GST rates in a phased manner, beginning with a reduction of levies on life insurance, followed by health insurance.
The insurance sector is likely to see a breather from tax burden with the GST Council set to review an exemption for reinsurance after the elections, Moneycontrol has learnt.
Over Rs 25,000 crore changing hands in deals involving more than 60 intermediary firms using hundreds of bank accounts mark the contours of the elaborate probe on suspected Benami transactions between agents of insurance companies and go-between entities. The Income…
The income tax department is likely to send out demand notices worth a total of Rs 25,000 crore, by March-end, to multiple insurance companies that have paid higher commissions and claimed deductions for the period before April 1, 2023, a senior government…
The goods and services tax department has widened the probe against insurance companies for alleged wrongful availment of input tax credit. The Director General of GST Intelligence is likely to serve show cause notices to 10 more insures soon, taking…
Tax authorities have widened an ongoing probe against a few financial-sector companies including insurers and mutual funds, for alleged tax evasion, with both the Goods and Services Tax and the Income Tax departments planning to send more show cause notices…
The GST wing of the Central Board of Indirect Taxes & Customs (CBIC) is investigating over a dozen insurance companies for allegedly claiming wrongful input tax credits of amount pegged at Rs 1000 crore. CBIC officials are analysing documents of…
Transactions of more than Rs.12,000 crore are under the scanner of the income-tax department that is probing several commission agents of insurance companies over alleged tax evasion, people in the know told ET. These transactions were made by alleged shell…
The Goods and Services Tax (GST) Council in its upcoming meeting is likely to give a breather on no claim bonus under insurance policies, sources privy to the developments told CNBC-TV18. The GST Council, chaired by Union Finance Minister Nirmala…
The Goods and services tax (GST) authorities have informed the insurance regulator about alleged malpractices by more than a dozen insurance companies while allocating commissions to agents, people in the know told ET. The Directorate General of GST Intelligence (DGGI)…