April 2025

‘Insurance’, as defined by the Cambridge English Dictionary, is “An agreement in which you pay a company money and then pay your costs if you have an accident, injury, etc”. The insurance sector is widespread in India with 65 companies, 24 in life insurance, and 31 in non-life insurance, and nearly 25 lakh agents working for them. […]

The Goods and Services Tax (GST), introduced in 2017, has revolutionized India’s taxation system and eliminated the cascading effect of the innumerable taxes that were in place before its introduction. Now, this tax is levied across the country and covers all goods and services, including health insurance. GST on health insurance is charged at the rate of

As an essential household appliance, refrigerators play a crucial role in keeping our food fresh and preventing spoilage. In India, the Goods and Services Tax (GST) is applied to the sale of refrigerators, and the applicable rate is determined by the Harmonized System of Nomenclature (HSN) code. GST on refrigerators remains at 18%, which was revised

GST on property in India refers to the Goods and Services Tax (GST) applied to real estate transactions, which was introduced by the Indian government in 2017 to harmonise global taxation frameworks. Before GST on flat purchase, multiple taxes like value-added tax (VAT), service tax, and central excise were levied on property purchases, making the

The motive of any developing economy’s government is to expand its export base. The rationale for the same is to maintain the balance of payments, create job opportunities and boost economic growth. By providing certain benefits and reliefs on exports, the government promotes the trade. The exporters can avail these benefits and reliefs and thus

GST on electronics and electrical items in India has reshaped the market, with varying rates from 0% to 28%, depending on the product category. Consumer electronics like mobile phones and TVs are taxed differently from industrial electrical items like transformers and motors. Understanding the relevant HSN codes for these goods is essential for both businesses and consumers to

An educational institution under GST is defined as an institution that provides services by way of – Education at the pre-school level and education upto higher secondary school or equivalent. Education as a part of the curriculum for obtaining a qualification Education that is a part of an approved vocational education course. What is an

The GST rate on diamond jewellery is set at 3%, which applies to the total invoice value. This includes the cost of the diamond, any additional materials such as gold or platinum, and making charges. Applicability of GST on Diamonds and Diamond Jewellery in India After the 47th GST Council meeting, the rate of GST

A broker or commission agent acts as an intermediary, facilitating transactions between buyers and sellers in exchange for a fee known as a commission or brokerage. Common examples include: Insurance brokers who help clients find suitable insurance policies Real estate agents who assist in property sales and rentals Stockbrokers who execute trades on behalf of

Lease or rental of immovable property for business attracts GST at 18% as a service. GST at 18% applies to rent for commercial spaces, treating it as a taxable service. Applicability of GST on Commercial Property GST on Rent Paid on Commercial Property: If you own a building and rent it out for business purposes, like