The Indian government has implemented the new indirect tax regime - GST from 01.07.17, GST is one indirect tax for the whole nation, which will make India one unified common market. The introduction of Goods & Service Tax in India is the most comprehensive indirect tax reform since independence, which seeks to integrate most of the indirect taxes under single banner. It is in total contrast to the current system where taxes are imposed separately on goods and services. In case of GST, the tax will only be paid at the final point of consumption against multi-layered indirect taxation regime in the country. Given the federal structure of India, it is expected to take the shape of a dual GST including both state and Central GST. This paper aims to address the concept of GST, architecture of GST and GST impact on the insurance Sector. This article will be your guide regarding the increase in GST and its impacts on your insurance premium. It has outlined the broad contours of GST policy in India, benefits that would accrue to the economy and the difficulties faced by the states. Finally it attempts to find the middle ground between Centre and the states, and the proper implementation of GST code in India.
