As the GST rollout plans gathers momentum, life insurers sought exemption from the new taxation regime on premium income, while general insurers have demanded differential rates for their products. Life insurers, who are set to write to the Prime Minister seeking exemption from the new tax regime, feel that their premium income has remained stagnant since the industry was brought under service tax in 2012. Since life insurers are passing on service tax to customers, … Continue reading Life insurers want exemption from GST; General insurers have demanded differential rates

GST is an important framework. Today, there are 5,500 companies listed in the BSE. It would not be surprised in the next ten years, if more than 10,000 companies are listed in the BSE," said stock exchange's Managing Director and Chief Executive Officer Ashish Kumar Chauhan. (Source:http://profit.ndtv.com/news/market/article-under-gst-bse-listed-companies-may-go-up-to-10-000-in-ten-years-1465987)

Senior IAS officer Mr. Arun Goyal has been appointed as Additional Secretary in the Goods and Services Tax (GST) Council. The Council, headed by Finance Minister Arun Jaitley, is mandated to decide on tax rate, exempted goods and the threshold limit. The Appointments Committee of Cabinet has approved Goyal's appointment against the newly created post, … Continue reading GST UPDATE_24.09.2016

Some key points of the meeting: (1) Threshold limit for exemption: a) North Eastern states: Rs. 10 lakhs b) Other states: Rs. 20 lakhs (2) Control Jurisdiction: a) Services: Central Authorities b) Goods: Based on turnover i) Turnover below Rs. 1.5 crores: States ii) Turnover above Rs. 1.5 crores: Both Centre and States (3) Next … Continue reading GST UPDATE_1st Meeting of GST Council ends