gst on insurance

GST exemption hurting insurance brokers! Private insurance companies reduce commissions – to offset loss of input tax credit

R Amin02 mins mins

After the removal of GST on insurance from 22 September, all insurance companies passed on the benefits to policyholders. (AI image) Insurance buyers may be feeling happy after the removal of GST, but agents and distributors are feeling the pinch. Insurance companies have reduced the commissions payable to distributors of insurance products to offset the…

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GST 2.0: Health insurance firms may raise policy tariffs by 3-5% to compensate for input tax credit losses amid tax cuts

R Amin04 mins mins

The Goods and Services Tax (GST) Council, after its 56th meeting on 4 September 2025, announced a GST exemption on all health and life insurance premiums as part of the central government’s indirect tax rationalisation move. The industry has welcomed this step even though the risk of a higher premium looms due to the losses…

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