Respected madam/sir,
I have been directed to convey that the functionalities below have been deployed in Core Insurance Solution on 08.02.2025.
1. GST on Default fee: The purpose of this functionality that the Implementation of applicable GST on late fees/default fees/interest collected on delayed payment of PLI/RPLI premium into the McCamish System. After implementation “Total GST” field will include GST @ 18% (Flat 9% each for CGST and SGST) on late fees/default fees/interest if applicable and it will be the sum of GST collected on premium and on late fees.
Receipt after change . ** some technical glitches have been observed during e-Banking/m-Banking (via POSB) & IPPB – M banking. Concerned teams are working for resolution of technical issues and theses glitches will be resolve asap
2. Implementation of IT 194DA in CIS: TDS to be applicable on any kind of payment (Disbursement) of PLI & RPLI policy as per Section 194DA of Income Tax Act to be read with Section 10(D) of 10.
3. Employer Certificate mandatory mark during revival process: After implementation Employer Certificate mandatory mark has been disabled during revival process.
Kindly convey the above information to all field offices.
Thanks and regards
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