GST Council May Allow ITC for Employee Group Insurance

The Goods and Services Tax (GST) Council may deliberate on extending input tax credit (ITC) to corporates providing health and life insurance cover to their staff, a senior government official told Business Standard.

- MONIKA YADAV

The Goods and Services Tax (GST) Council may deliberate on extending input tax credit (ITC) to corporates providing health and life insurance cover to their staff, a senior government official told Business Standard. This comes even as such group policies are set to remain outside the ambit of GST exemption, the official added.

ITC allows businesses to offset the tax paid on inputs against their output tax liability.