iNSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA IRDA/F&A/CIR/MISC/052/03/2018 March 27, 2018 To All Insurers Sub: Exemption of reinsurance schemes, in respect of specified insurance schemes, from the purview of GST- Reg. It is informed that the proposal to exempt reinsurance schemes in respect of specified insurance schemes has been approved by the GST Council in its 25th meeting held on 18.01.2018 on the condition that the benefit of reduction in the premium on such Insurance schemes, must be passed on to the beneficiaries and the State and Central exchequers. Insurers shall avoid any undue enrichment on this account. Insurers may note that if necessary benefit on account of reduction in premium is not passed on to the insured / Govt., suitable action against the Insurance Companies may be initiated with National Anti-Profiteering Authority under Section 171 of the CGST Act. In this regard, a copy of D.O. No. 354/12/2013-TRU dated 24.01.2018 from ...
NEWS FROM FEDERATION OF LIC CLASS 1 RETIRED OFFICERS ASSOCIATIONS