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of <h1>Finance Bill 2024: Clause 145 Amends CGST Act, Clarifies Premium Apportionment in Co-insurance and Reinsurance Deals</h1> Clause 145 of the Finance (No. 2) Bill, 2024 proposes amendments to Schedule III of the Central Goods and Services Tax Act. It specifies that the apportionment of co-insurance premiums by a lead insurer to a co-insurer in coinsurance agreements is not considered a supply of goods or services, provided the lead insurer covers the tax liabilities on the full premium amount. Similarly, services provided by an insurer to a reinsurer, where a ceding or reinsurance commission is deducted, are also not considered a supply, provided the reinsurer pays taxes on the gross reinsurance premium, including the commission.
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