As you may be aware, starting from July 1, 2017 the Goods and Services Tax (GST) has replaced most of the existing indirect taxes like Service Tax, VAT, etc. The introduction of the GST by the Government of India is a significant step in implementing a uniform indirect taxation system in India.
The Goods and Services Tax (GST) is an integrated tax, merging most of the existing indirect taxes such as Service tax, VAT, etc. into a single system of taxation. GST works on the concept of “One Nation One Tax”. This is one of the biggest tax reforms in India since Independence, which is implemented from July 1, 2017.
Implementation of GST is expected to substantially reduce costs especially in the manufacturing sector. The benefits of which could cascade into other sectors in the long run. It is also anticipated to bring in more transparency, automation and simplification in tax compliance.
GST is applicable from July 1, 2017.
Yes, except insurance plans like the Pradhan Mantri Jeevan Jyoti Bhima Yojana (PMJJBY), which is exempted.
No, GST is applicable for all goods and services except those which are specifically exempted.
GST is an indirect tax which replaces the current service tax & cess on premiums/charges.
If you are paying the premium for a policy on or before June 30, 2017, then GST will not be applicable to you.