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ICMAI requesting the Centre to bring medical insurance under the ambit of Cost Audit of the Companies Act, 2013. It has also sought the inclusion of essential commodities and banking sectors under cost audit to prevent price inflation.
FM on Thursday asked Members of Parliament to take the lead in exempting medical and life insurance from the Goods and Services Tax by asking their respective state finance ministers to take up the matter in the GST Council, and also hinted at more income-tax reforms aimed at benefiting the middle class by the next budget.
The Telangana Appellate Authority of Advance Ruling (AAAR) has ruled that no GST exemption is available on medical insurance premiums…