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GST Council Decision grants Major Relief to Insurance Sector, ₹20k Cr Demand Notices to be dropped

Update / Judgement Date

07 Jul 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

GSTInsurance

The GST Council has decided to provide substantial relief to the insurance sector by dropping demands amounting to ₹20,000 crore. This decision comes as a significant reprieve following discussions between the Finance Ministry and insurance companies. The notices issued under the GST regime demanding ₹20,000 crore are set to be withdrawn, marking a pivotal development for the insurance industry in India.

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GST Council Decision grants Major Relief to Insurance Sector, ₹20k Cr Demand Notices to be dropped

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