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In October 2023, Reliance General Insurance received GST notices totaling ₹922.6 crore from the Directorate General of GST Intelligence. The notices were related to issues regarding GST payments on re-insurance commissions, co-insurance premiums, and input tax credits. [23]
The GST is imposed at variable rates on variable items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing more than ₹100 and 28% on commercial vehicle and private and 5% on readymade clothes. [33]
The owner of the property should pay this tax based on the value of the property. Ad valorem taxes refer to goods or property taxes seen as a percentage of the sales price or estimated value. They belong to the assessed value range (because this is the only way to estimate the "sales price").
When a non-life (property and casualty) insurance company issues a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. Insurance companies often purchase reinsurance from another insurance company to protect themselves against the risk of a ...
A car insurance premium is money you pay to your insurance company in exchange for a policy. Car insurance premiums generally follow the same principles across carriers but may vary in how often ...
Reclaiming PPI payments and statutory interest charges on these payments is possible either by the policyholder or via a lawyer or claims management company. The first ever PPI case was in 1992–93 (Bristol, 93/10771). It was judged that the total payments of the insurance premium were almost as high as the total benefit that could be claimed.
Insurance premiums are based on numerous personal factors and rates vary depending on the insurance provider. To find the cheapest car insurance for you, request quotes from several providers.
This break allowed homeowners who were paying mortgage insurance the ability to write off the premiums for tax years 2018, 2019, 2020 and 2021 if they itemized their tax deductions. The deduction ...