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via thehindubusinessline.comPolitics

No more input tax credit block for companies buying insurance cover

FROM THE WIRE · THEHINDUBUSINESSLINE.COM

Businesses will now be able to claim input tax credit (ITC) on health and life insurance bought for employees, as the GST Council has recommended easing several restrictions on blocked credits.

Read at the source ↗
MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bullishEasing restrictions on input tax credit for insurance premiums reduces costs for Indian businesses and improves cash flow.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01The GST Council recommended allowing input tax credit on health and life insurance for employees.
  2. 02The measure eases previous restrictions on blocked tax credits.
  3. 03Businesses can now claim ITC on insurance premiums paid for employees.

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