NIC ON GST ON IBA GMIS

[MOHAN P]

For circulation 

The Office Bearers/ Central Committee Members/ State Committee Chiefs

A.I.B.R.F.

Dear Sir,

                   Re| GST on Insurance Premium

                   Re  Kerala High Court Order

We understand national Insurance Company has advised all banks implementing IBA Scheme to remit insurance Premium

without deducting GST.

It may be mentioned that this benefit will be applicable to retirees from all banks including private sector banks.

Detailed circular follows

Regards

S. C. JAIN

GS AIBRF 

 

[MOHAN P]

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[Ganesan K]

What will be the benefit to remit the insurance premium without deducting GST 

Regards

K.Ganesan

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[MOHAN P]

Mr Ganesh

 18% is the GST on IBA GMIS where as for individual Medi insurance scheme same is Nil.

So as per KHC stay order if premium is paid without insisting on GST there would be benefit of that much amount to pensioners depending upon policy selected by them.

However it is not final verdict which has yet to come.

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[JSOMA SHEKARA]

Waiver of GST for Individual  policyholders and no exemption to Group Insurance scheme is a policy matter of the Government and no court can change it. Courts can only give legal interpretation of the IBA insurance scheme  whether it is an individual scheme or GIS.  So the final verdict may be anything and the Bank will recover the GST amount later depending upon the verdict.

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[Narayanan Venkateshwaran]

Shri Somasekhara is absolutely right in his statement that court can dismiss the case on the basis that it is policy decision of govt. 

Also waiver is claimed on the premise that entire premium is paid by pensioners. 

How it could be dealt with in the case of subsidisation by different banks at different percentage (even upto100%) even in the scenario of waiver of gst) 

C V Narayanan

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