The GST Council will provide clarity on input tax credit for life insurers, following a demand on Life Insurance Corporation (LIC). The issue arises from the complication of GST being levied on only a portion of traditional life policies or endowment plans. The input tax credit claimed on the exempted portion of the premium is being questioned by tax authorities.
from Personal Finance News-Wealth-Economic Times https://ift.tt/4ehlsbL
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