EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
57th GST Council meeting | Key changes for financial services sector
The 57th GST Council Meeting was held in New Delhi on 8 October, under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman.
For financial services sector, we present the following highlights:
- Key proposals relating to export benefits for Head office–Branch office transactions and the recognition of alternative modes of receipt of consideration for export purposes align the regime to true business realities.
- Similarly, the clarification expected on ITC reversal provisions under Section 17(4) of the Central Goods & Services Act, 2017, is likely to bring in certainty for the sector and help mitigate future debates in assessments.
- Proposed amendments to remove health and life insurance from blocked credits would allow corporates to avail ITC related benefits on premiums, which could further reduce the overall cost of such products.