The general insurance industry has widely welcomed the Goods and Services Tax (GST) council’s move to cut GST rate on third party insurance premium of ‘goods carrying vehicles’ from 18 to 12 percent.
“This is a significant move. It is a welcome move, especially when it is a sensitive segment that generally buys it. Also because third party insurance is mandatory, the cost of compliance will come down”, Anup Rau, Chief Executive Officer, Edelweiss General Insurance Company Ltd told BusinessLine.
