Press release
Seminar on “Implementation of GST in Insurance Industry”
The Goods and Services Tax (GST) is a ground-breaking reform for the Indian economy's indirect tax regime. GST will change the tax architecture between the state and the centre.The Goods and Services Tax(GST) is a value added tax that will replace all the indirect taxes levied on goods and services by the government, both central and states, once it is implemented.
The basic idea of this taxation reform is to create a single, cooperative and undivided Indian market to make the economy stronger and powerful.
GST is a value-added tax, which will eliminate the cascading effect or double-taxation effect on the cost of goods and services down the value chain. GST will certainly impact the structure, incidence, computation of indirect taxes leading to a comprehensive restoration of the current tax regime in the country.
The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers. The insurance industry is growing at fast pace. The domestic life insurance industry registered 22.55 per cent growth for new business premium in financial year 2015-16, generating a revenue of Rs 1, 35,546 Crores largely due to the high growth in the group single premium policy and the non-life insurance premium market grew at a CAGR of 12.1 per cent over FY04-16 from Rs. 22,658 Crores in FY04 to Rs. 1, 20,000 Crores in FY17 (estimated).
The insurance industry is also not going to remain untouched from the impact of GST. It will certainly be going to have an impact on the insurance industry as well as policyholders. Seeing the importance of the subject the Insurance committee of PHD Chamber is organizing a Seminar on “Implementation of GST in Insurance Industry on 7th April 2017 at PHD House”
Details are also available on http://www.ifingo.org/seminar-implementation-of-gst-in-insurance-industry.php
The Seminar will feature and address the following issues
• Need for GST registration for insurance related stakeholders
• Process for GST registration
• Points to be kept in mind
• Avoid mistakes/ delays to avoid penalties
• Points for companies having multiple branches in a state/ all over India/ providing interstate insurance related services.
• Software required catering to the changes so that all stake holders can benefit.
Stake Holders:
• Governments Officials
• Insurance Companies
• Insurance Intermediaries
• Insurance Institutes/ Academic Faculty/ Students
• Members from Chambers of Commerce and Industry
• Chartered accountants/ Tax Consultants
• Insurance Surveyors/ Valuers
Objective of the Seminar:
The conference will feature and address the following issues:
• To provide a platform for open house discussion between Government and stakeholders
• Smooth transition from present taxation regime to GST is important.
• Are software Companies ready to provide support to large nuclear Insurance Companies, Insurance Intermediaries & others?
• Set off of GST paid at source – What is not covered?
Who Should Attend the Seminar (Target Participants)?
This is a good opportunity for:
• Insurance Companies
• Insurance Intermediaries – Insurance Broker firms, Corporate Agents, Agents, Insurance Marketing Firm, Web Aggregators, Surveyors, Loss Assessors, Valuers
• Chartered Accountants/ Tax Consultants
• Surveyors/ Loss Assessors
• Insurance Institutes/ Academic Faculty/ Students
• Media Personnel
• NGOs
• Members from Chambers of Commerce and Industry
• Associations Representing Various Segments Connected with this industry
What you can expect from the Seminar?
Success lies in Smooth transition so that all stake holders can be benefitted from GST. Objective to avoid penalties.
Some Key Take away for Various Stake Holders will be:
• Understanding of GST rules/ regulation is important.
• Smooth transition from present taxation regime to GST is important
Eminent Speakers addressing this Seminar will be from:
• Insurance Industry
• Policy Regulators from IRDA
• General Insurance Council
• Law Firms/ Lawyer
• Insurance Brokerage Firms
• Chartered Accountants
• Insurance Surveyors/ Valuers
• Experts on GST
According to Shri S. K. Sethi, Vice President, Insurance Foundation of India. “We invite all such stakeholders to participate and enrich their concept and awareness regarding implementation of GST in Insurance industry to impart and share their knowledge”.
Insurance Foundation of India (IFI) is set up under Trust Registration Act 1882 of Government of India as a not for profit organization. The main objective of IFI is to promote awareness of Insurance among masses. It also focuses on education/ seminar programmes to improve capabilities of those working for Insurance industry.
In past IFI has successfully organized various Executive Development Programmes of International standards in India with world-class faculty.
The main objectives and purpose of this NGO are
1. Growth of Insurance Industry in the country as this can assist in infrastructure development with investment and hence create employment opportunities for large number of youngsters, who are entering the employment market.
2. Assist the Insurance consumers of India
3. Organize skill development programmes
4. Undertake Micro Insurance Projects for those who need these products
5. To set up facilities for online education, training, dissemination of Insurance and Insurance related subjects/ information among students, as well as professional specialists working in Insurance Industry (Companies, Intermediaries, TPA’s, Surveyors, and Actuaries), masses and general public.
6. To bring out Newsletter/ Publications/ Books/ Studies/ reports in media like print, copy, electronic, TV, web based
7. To publish/ translate books in English/ Hindi and all regional as well as vernacular languages so that masses living in urban/ semi urban/ rural parts of India can use Insurance as part of their financial planning/ risk management.
Objectives and further details are available on www.ifingo.org
Released on 14th March, 2017
Released by:
Rajesh Kumar
Insurance Foundation of India
Om Plaza (1st Floor), 430/7, Sant Nagar,
East of Kailash, New Delhi-110065
Mob: 9015406030
Phone: 011 – 46581577
Web: www.ifingo.org
Email: vp@ifingo.org
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