October 24, 2025

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GST exemption hurting insurance brokers! Private insurance companies reduce commissions – to offset loss of input tax credit

contact@dailyupdatesindia.com03 mins

After the removal of GST on insurance from 22 September, all insurance companies passed on the benefits to policyholders. (AI image) Insurance buyers may be feeling happy after the removal of GST, but agents and distributors are feeling the pinch. Insurance companies have reduced the commissions payable to distributors of insurance products to offset the…

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GST reforms: No input tax credit on commission for individual health, life insurance policies from Sep 22; insurers to bear cost

contact@dailyupdatesindia.com05 mins

Insurers will no longer be able to claim input tax credit (ITC) on Goods and Services Tax (GST) paid on commissions and brokerage for individual health and life insurance policies from September 22, the Central Board of Indirect Taxes and Customs (CBIC) clarified on Tuesday. The move comes ahead of the implementation of the new…

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