Insurance Under the GST Lens: A Game-Changer for Policyholders
The Goods and Services Tax (GST) on insurance policies has become a significant issue in India’s tax landscape, combining financial burdens with regulatory complexities. Recently, Nitin Gadkari, a prominent Cabinet Minister, has urged the government to eliminate the 18% GST on life and health insurance. He argues that taxing insurance is essentially taxing life’s uncertainties, […]
The Case of Safari Retreats: A Critical Analysis
Introduction Input tax credit (“ITC”) is one of the important features of the Central Goods and Services Tax Act, 2017 (“CGST Act”) which avoids the cascading effect of taxes. The availment of ITC rests on fulfilment of conditions provided in Section 16 of the CGST Act. Nevertheless, certain additional restrictions are imposed by Section 17(5) of the CGST Act […]
Darkness in GST Litigation: Is there light at the end of the tunnel?
There’s a very famous legal maxim, which reads, ‘justice delayed is justice denied’. If the aggrieved party does not get timely relief, even when legal redressal mechanism exists, the delay in justice is equivalent to its denial. If there is injustice anywhere, it would be a threat to justice everywhere. There is plethora of cases […]
When does RCM credit get time-barred?
Introduction The concept of input tax credit (‘ITC’) (previously CENVAT credit) was introduced under GST to remove the cascading effect of indirect taxes. The availability of ITC is one of the fundamental reasons because of which the idea of GST was accepted and implemented. Recently, in the departmental audits conducted by the GST Department, it […]