Maintenance of Data Register for Manual Collection of GST on PLI/RPLI Premia Late Fees
In accordance with our previous communications dated 22.03.2024 and 26.03.2024, we issued guidelines for the manual collection of GST on late fees, default fees, and interest on delayed payments of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) premiums. This manual collection is to continue until the automated deduction feature is incorporated into the McCamish system.
Key Points:
- Manual Collection of GST:
- From January 2024, GST on late fees, default fees, and interest collected on delayed payments of PLI/RPLI premiums must be collected manually.
- Once the McCamish system includes the provision for automatic GST deduction, the system will calculate and charge the total default fee and applicable GST for each policy.
- Avoiding Double GST Collection:
- To prevent double GST collection, amounts already collected manually need to be updated in the McCamish system backend.
- Data Register Maintenance:
- All Head Offices (HO), Sub Offices (SO), and Branch Offices (BO) are instructed to maintain a data register for manual GST collection on default fees from January 2024 until the system incorporation is complete.
- Use the prescribed proforma for maintaining this data register (attached with the original directive).
- Consolidated Reporting:
- After incorporating the automated GST provision in McCamish, a consolidated report from each HO should be submitted to the Directorate. This report will facilitate backend updates for the respective policies.
This directive is issued with the approval of the competent authority.
For further clarity or assistance, please refer to the attached proforma for maintaining the data register and ensure timely compliance to streamline the transition to the automated system.
Signed:
General Manager (Finance)
Directorate of Postal Life Insurance
