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Why need for Specialized 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 its impact. It will certainly be going to have an impact on the insurance industry as well as policyholders.

Topics to be covered:

• 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/ Cost Accountants
• Insurance Surveyors/ Valuers
• Third Party Administrators (TPA’s)

Objective of the Conference:

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 Programme (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
• Third Party Administrators (TPA’s)
• Chartered Accountants/ Tax Consultants
• Cost Accountants
• 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 Programme?

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 conference will be from:

• Insurance Industry
• Law Firms
• Insurance Brokerage Firms
• Chartered Accountants
• Insurance Surveyors/ Valuers
• Experts on GST

Names are being finalized and will be shared soon.

Delegate Fee:

Participation: Rs. 1500/- per individual participant.
Group participation fee (team of 5 persons): Rs.1250/- each.
Group participation fee (team of 10 persons and above): Rs.1000/- each.