New Functionalities Deployed in Core Insurance Solution(CIS)
The Department of Posts has successfully deployed the following functionalities in the Core Insurance Solution (CIS) on 08.02.2025. These enhancements aim to improve operational efficiency and compliance with regulatory requirements.
1. Implementation of GST on Default Fee
This functionality ensures the implementation of applicable GST on late fees, default fees, and interest collected on delayed payments of PLI/RPLI premiums within the McCamish System. After this update:
The Total GST field will now include GST @ 18% (divided into CGST @ 9% and SGST @ 9%) on late fees, default fees, and interest if applicable.
The Total GST will now reflect the sum of GST collected on both premium payments and late fees.
The receipt generated after this change will include a detailed breakdown of GST.
Note: Some technical glitches have been observed during transactions via e-Banking, m-Banking (POSB), and IPPB m-Banking. The concerned teams are actively working on resolving these issues, and a fix will be deployed as soon as possible.
2. Implementation of IT Section 194DA in CIS
TDS (Tax Deducted at Source) is now applicable on any kind of payment (disbursement) related to PLI & RPLI policies as per Section 194DA of the Income Tax Act.
This implementation ensures compliance with Section 10(D) of the Income Tax Act.
3. Employer Certificate Requirement in Revival Process
The Employer Certificate mandatory mark has now been disabled during the revival process of policies.
This change simplifies the policy revival process and improves accessibility for policyholders.
Communication to Field Offices
All field offices are requested to take note of these changes and ensure smooth implementation at their respective levels.
For any further clarifications, please reach out to the concerned technical teams.
Thanks and regards, Department of Posts
