openPR Logo
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
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

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

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Seminar on “Implementation of GST in Insurance Industry” here

News-ID: 469540 • Views: 920

More Releases from Insurance Foundation of India

Home Insurance Scheme of Modi Government will increase insurance Penetration in …
by S K Sethi Insurance Foundation of India (IFI) has been propagating home insurance for masses. Mr. S K Sethi Chief Executive Officer, IFI has welcomed the thinking of Government of India for planning to launch a home insurance scheme for all throughout the country. The scheme will cover damages caused to lower income group from floods, earthquakes and fire. Sum assured per house will be Rs 3, 00,000. Even though

More Releases for GST

GST Loans for MSMEs: Eligibility and Process
MSMEs are big contributors to the Indian economy, they contribute over 45% of the total manufacturing output and 35% of India's GDP. Needless to say, their impact on the Indian economy is very significant and supporting the MSME sector is going to help India's overall development. The Indian Government, especially after the COVID-19 pandemic, initiated various schemes that will help ease the financial burden on these micro, small and medium
Business records with Accounting software, for non GST entities
Small businesses under the circumstances stated in Section 23 of the Central Goods and Service Tax Act, 2017 deals with the provisions of persons who are not liable for GST registration. With the advent of GST regime in India, accounting community is investing lot of energy, time and money on GST registered companies. This has created a huge vacuum in sectors like micro and small businesses, proprietary businesses, professionals, and
Make your Magento Store GST compatible with Indian GST Magento Extension
Portland, Oregon – (August 7, 2017) – Enabling Indian Magento Store owners to make their stores, GST compatible, CedCommerce on Monday, launched the Indian GST Magento extension. After installing the extension, Magento sellers can sell their goods according to the new Tax slab under GST. The GST, an indirect country, is meant to be unified across the all the states of Union of India. The GST is different from the earlier
LLP Registration | Trademark Registration | GST Registration provides online services for LLP Registration, Income-Tax Filing, Registration for Private Limited Company, GST Registration and others in Short time. Legal Salah is pioneer in providing best legal and lawyer advice since last 5 years. he company aims for excluding the mediators from between the disadvantaged and the professional and saving the time of former whilst the procedure. The Company came up with the idea of Legal Salah-
eZee Hospitality Solutions Get GST Ready For India
As the Indian government rolls out the held up GST bill, the hospitality industry buckles up for new regulations and tax reforms, making way towards a better economy. Earlier this month, India became one of the 160 countries in the world to have implemented Goods and Service Tax bill. Effective from 1st of July, the single indirect tax will subsume almost all the current indirect taxes in India. With a
FACT hails passing of GST Bill by Indian Parliament - ready to launch GST ready …
FACT hails passing of GST Bill by Indian Parliament - ready to launch GST ready ERP Software for Indian Companies FACT Solutions India hailed the passing of the Goods & Services Tax (GST) Bill by Rajya Sabha (Upper House of Parliament) as the most progressive and far reaching tax reform measure ever undertaken by the Govt of India. “The impact will be unprecedented and will transform India into a single unified marketplace”,