Insurers to breathe easy as GST may be lifted from reinsurance after elections

The insurance sector is likely to see a breather from tax burden with the GST Council set to review an exemption for reinsurance after the elections, Moneycontrol has learnt. In its attempt to not disrupt the insurance industry practices, the Goods and Services Tax (GST) Council may issue a clarification that reinsurance is not a supply of service, a senior government official said. Many leading i…