The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a notice to ICICI Lombard and six other insurance companies for not paying GST on reinsurance premiums. The notice claims that these companies received commissions from co-insurance companies but did not pay tax on it.
The Indian cabinet has given the green light to amend the Central Goods and Services Tax Act so as to allow for the introduction of a 28% goods and services tax rate on horse racing, online gaming and casinos, according to unnamed insiders. Although states will need to amend their individual GST legislation separately, the new tax system will go live from 1 October if all is passed in parliament in time.
Kartik Dedhia, a Senior Associate at TLC LegalWhile ITC is available to an assessee registered under GST law, in respect of goods and services used in the course of business or for furtherance of.