GST: The conundrum in Reforms announced
GST Reforms: Who is the beneficiary? Aam Aadmi or Corporate? GST Council, comprising finance ministers and representatives from both the state and central governments, implemented certain reforms to the existing policy, by reducing the slab rates to two (from four) and introducing a new 40% slab for goods and services that are considered luxurious/intoxicant/injurious to health. The move is being hailed as the most beneficial for a common man. Even before the dust set in, the first discrepancy cropped up, as exemption of GST on life and health insurance policies were restricted to individual insurance and reinsurance thereof. All India Retirees' Federation and two others filed a writ petition (WP) in the High Court of Kerala (high court), challenging the levy of GST on group health insurance policies. The petitioners also requested the high court to direct IBA (an association representing majority of the Indian Banks) and National Insurance Co. Ltd. to not to levy GST on insuran...