https://www.taxtmi.com/news?id=54963 CBIC will consult the insurance industry to devise a transition mechanism for accumulated input tax credit for individual life, health and reinsurance policies exempted by the GST Council; CBIC's FAQ requires reversal of ITC where outward supplies become exempt, and stakeholders have raised concerns about the financial impact, prompting the board to explore transitional arrangements potentially to be finalised before the exemption takes effect. en-us Mon, 08 Sep 2025 15:46:03 +0530 Mon, 08 Sep 2025 15:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=54963 CBIC will consult the insurance industry to devise a transition mechanism for accumulated input tax credit for individual life, health and reinsurance policies exempted by the GST Council; CBIC's FAQ requires reversal of ITC where outward supplies become exempt, and stakeholders have raised concerns about the financial impact, prompting the board to explore transitional arrangements potentially to be finalised before the exemption takes effect. News - Mon, 08 Sep 2025 15:46:03 +0530 https://www.taxtmi.com/news?id=54963