The Insurance sector will have to undergo innovations and transition in services for development and extension of business post the GST regime, observed experts in a seminar organised by PHD Chamber Of Commerce and Industry, Jharkhand Chapter in collaboration with Insurance Mall on ‘Goods and Services Tax (GST) and Insurance’ at Insurance Mall here on Friday.
Tax experts Rajeev Gupta, Consultant at GST Transition of Jharkhand, PwC, Shamim Akhter, CA, J. N. Singh, Resident Manager, PHD Chamber alongwith others were present in the seminar that noted the knowledge on the background and explained the difference in the GST structure to the stakeholders like Insurance Industry and Insurance Agency.
“The aim of the meeting is basically to ensure smooth implementation of GST and easy accessibility to the insurance companies in the changes,” said Puneet Bedi, Director, Insurance Mall.
The seminar will be helpful for all the insurance agents, companies sponsoring executives from cross functional areas will draw maximum benefit from this seminar, he further added.
The discussion in the meeting was to highlight that tax payers under GST regime will be required to upload invoice level (i.e., transaction level) detail on GSTN ( Goods and Services Tax Network) for business supplies. These details will be auto-reconciled with the corresponding detail uploaded by the customers.
“The GST will greatly be helpful for businessmen and entrepreneurs as for starting a new business they will need a GST number which will help them in having access to their customers for providing their services as and when required,” said Rajiv Gupta, Consultant at GST Transition of Jharkhand, PwC.
He went on to add that in order to ensure smooth working of business in providing insurance services certain key aspects are expected to be adopted under the GST structure for insurance companies like ‘registration under GST’ in every state, ‘input tax credit’ for timely and adequate availment of credit to business supplies rendered by Insurance Companies, ‘place of supply’ for insurance services provided to a registered person under registration of GST where Input tax credit for GST paid by the person would also be available at such location. In the end, Farha Tabassum, assistant secretary PHD Chamber thanked the gathering.