GST on Insurance Premiums May Be Reduced to 5% with Input Tax Credit

By BPN News Desk April 18, 2025

Government Policies National

The Goods and Services Tax (GST) Council is contemplating a significant reduction in the GST rate on health and life insurance premiums from the current 18% to 5%, while retaining the benefit of input tax credit (ITC). This proposal aims to make insurance more affordable for consumers,

Business Finance

Higher GST on Hotel Dining: Impact on Consumers and Industry

By BPN News Desk April 9, 2025

Starting April 1, 2025, a new Goods and Services Tax (GST) structure will come into effect for restaurant services offered within hotels. Under the revised system, hotels with room tariffs exceeding ₹7,500 per night will charge 18% GST on food and beverage services, but will also be allowed to claim Input Tax Credit (ITC). This […]

Business Industry

LIC Receives GST Demand Notice of ₹57.2 Crore

By BPN News Desk February 25, 2025

The Life Insurance Corporation of India (LIC) has been served a Goods and Services Tax (GST) demand notice amounting to ₹57.2 crore. The notice, issued by the Assistant Commissioner in Delhi, pertains to an alleged excess claim of input tax credit (ITC). Details of the Alleged Excess ITC Claim According to the notice, LIC is […]