Leading insurers see ITC impact from GST exemption as manageable, no major disruption

Leading insurance practitioners have indicated the overall impact of loss of input tax credit (ITC) under the GST exemption on life and health policies is far from disruptive, and that there is no real complication in implementing the ITC adjustment. Insurers are already mandated under the IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, an…