Category: News

Rs 11,052 crore GST refund claims settled in 47 days: CBIC

Rs 11,052 crore GST refund claims settled in 47 days: CBIC

The Central Board of Indirect Taxes (CBIC) has announced that it has cleared a total of 29230 GST refund claims amounting to Rs. 11,052 crores in a period of 47 days starting from April 8th to May 24th. This announcement was made via the official CBIC handle on Twitter. Earlier on April 8th, the Finance […]

No GST on LIC Maturity Amount: Karnataka AAR

No GST on LIC Maturity Amount: Karnataka AAR

Karnataka AAR bench has ruled that GST shall not be applicable on LIC policy’s maturity amount since the same doesn’t qualify as a service. However, the premium amount is taxable being the consideration that it is a service provided by the insurance companies. “The insurance premium of policies is taxable under GST, being the consideration […]