Yes. As of the latest 2026 updates, individual life and health insurance premiums (including family floaters and senior citizen plans) are exempt from GST (0% rate). However, please note that Group Insurance provided by employers and Motor Insurance still attract the standard 18% GST.

From January 2026, the GST portal automatically calculates late fees for GSTR-9 and GSTR-9C based on your turnover. There is no longer manual flexibility to waive these fees. Additionally, failing to update your bank account details on the portal can now lead to an automatic suspension of your GST registration.

Under the latest 2026 automated compliance rules, every GST-registered taxpayer must furnish and validate their bank account details on the portal within 30 days of registration (or before filing the first GSTR-1, whichever is earlier). Failure to comply leads to automatic system-generated suspension of your GSTIN, which blocks your ability to issue invoices, file returns, or generate e-way bills.

This is a common point of confusion, but it boils down to whether the items "naturally" belong together:

This is governed by Section 14. You must look at the "Point of Taxation" based on three events: (1) Date of Supply, (2) Date of Invoice, and (3) Date of Payment.

• If two out of three events occur after the rate change: The new rate (5%) applies.

• If two out of three events occurred before the rate change: The old rate (12%) applies.

Generally, no. For the supply of goods, the liability to pay GST arises at the time of issue of the invoice (or the last date the invoice should have been issued). However, for services, advance payments do trigger GST liability at the time the payment is received.

Yes. Budget 2026 amended Sections 15 and 34 to remove the rigid requirement of linking every post-sale discount to a specific prior agreement or invoice. If a supplier issues a credit note and the recipient reverses the corresponding ITC, the discount can now be deducted from the taxable value more easily, reducing litigation.

You cannot simply use the invoice price if it is influenced by the relationship. You must use the Open Market Value (OMV). If OMV isn't available, the value is determined as 110% of the cost of production or by comparing it to "goods of like kind and quality."