Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more
GST rates: The Goods and Services Tax on health and life insurance premiums has been making headlines for quite some time. According to a report by CNBC-Awaaz on August 8, sources familiar with the matter have suggested that a reduction in the GST rate on the premium paid for health and life insurance might be … Read more
GST on insurance premiums: Union Finance Minister Nirmala Sitharaman on Wednesday said 18% of Goods and Services Tax (GST) collected from health and insurance premiums is equally shared between the Centre and states. She said of the 9% share that is accorded to the Centre, 41% is further sent to states. Overall, 73-74% of GST revenues … Read more
Union Minister of Road Transport and Highways Nitin Gadkari urged Union Finance Minister Nirmala Sitharaman to consider withdrawing 18 per cent goods and services tax (GST) on life and medical insurance premiums. In his letter to Sitharaman, Gadkari said that Nagpur Divisional Life Insurance Corporation Employees Union submitted a memorandum to him on these issues. … Read more
Budget 2024-25: Before each Budget, the allocation of funds and tax incentives for various sectors become prominent topics of discussion. Leading up to this year’s comprehensive Budget, experts and industry insiders have emphasized the need to increase the healthcare spending as a percentage of GDP. This would enhance accessibility, affordability, and most importantly, the overall … Read more
Union Budget 2024: Indian insurance firms have been expecting various tax exemptions from the Central government in the upcoming Union Budget to improve the appeal and accessibility of insurance products, thus encouraging wider adoption across the country. Insurers specialising in life coverage are advocating for tax relief on annuities and a reduction in the goods and … Read more