GST Council okays exempting 24 insurance schemes for reinsurance

Insurance sector regulator Irdai today said as many as 24 schemes will be exempt from goods and services tax (GST) for reinsurance and asked insurance firms to pass on the benefits to customers. The proposal to exempt reinsurance schemes in respect of specified insurance plans has been approved by the GST Council in its 25th meeting held on January 18, 2018 on the condition that the benefit of red…