GST Council likely to clarify premium on life insurance

NEW DELHI: The GST Council will soon provide clarity on input tax credit for life insurers, following a recent Rs 290-crore demand on Life Insurance Corporation — a move that is expected to come as a relief for the stateowned behemoth. The complication on GST arises in case of traditional life policies or endowment plans, where GST is levied on only a portion of the plan. As a result, on the…