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【Wealth Succession】India: GST on third party insurance premium

Presently, in India, every vehicle owner is mandatory required to have a third-party insurance premium policy which is taxed at 18%. As per the media reports, in order to ease the burden on consumers, the GST Council in its next meeting may consider cutting the tax rate on payment of third-party vehicle insurance premium.

The next meeting of the GST Council is scheduled on 22nd December, 2018, Saturday.

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