GST
The revised draft Model GST Law, draft Integrated GST Law, and draft GST Compensation Law have been released. The Model laws proposed an anti-profiteering mechanism to ensure benefit of lower taxes is shared with consumers, and indicates no tax on securities and subsidies provided by the government as also free of cost supplies. Further, concepts of composite supply and mixed supply are also introduced. In case of composite supply, wherein a supply is made comprising of multiple supplies of goods or services out of which one supply is predominant and others are naturally bundled with it, it will be treated as supply of such predominant supply and in case of mixed supply, which involves multiple individual supplies of goods or services for a single price without any predominant supply, it will be treated as supply of goods or services which attracts the highest rate of tax. Further, supplies made to SEZ units will be treated as zero rated supplies.
IRDAI
Insurance Regulatory and Development Authority of India has notified the extension for payment of premium till 31st December, 2016 on the Policies issued by life insurers the premium/s of which fell/falls due on or after 8th November, 2016 so that policyholders do not suffer from non-payment of due premiums due to recent cash crunch.
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