Understand Input Tax Credit (ITC), a key component of the GST system. Learn how it prevents cascading taxes, its rules, benefits, and challenges for ...

Input Tax Credit is the soul of GST, designed to make taxation fair and efficient. While the idea is robust, the practical implementation has been marred by restrictions, compliance hurdles, and ...

The GST Council’s shift to a two-slab system may look consumer-friendly with lower rates, but denial of Input Tax Credit (ITC) in key sectors risks raising costs for businesses and, ultimately, ...

Insurers, while selling insurance plans, collect 18% GST from buyers. These insurers also pay GST to the government on a host ...

With the GST Council’s latest rate rationalisation, businesses in sectors like textiles and fertilisers may now have ...

For the specified goods namely, cigarettes, chewing tobacco products like zarda, unmanufactured tobacco and beedi, the ...

While the GST exemption on health and life insurance premiums will lower costs for consumers, insurers will absorb some ...

The Central Board of Indirect Taxes and Customs (CBIC) has eased input tax credit (ITC) rules, providing relief to businesses ...

The GST Council has decided to abolish the tax on health insurance and life insurance premiums. This will come into effect ...

Earlier this month, the GST Council announced a rate cut on hotel rooms priced below ₹7,500 per night—from 12% to 5%—but ...

Top officials of insurance companies on Wednesday met officials from the Department of Financial Services (DFS) to discuss ...