Clarification on various issue pertaining to GST

No Claim Bonus treated as permissible discount under GST, reducing taxable premium when reflected in the invoice.

No Claim Bonus (NCB) is not consideration furnished by the insured and does not amount to a supply by the insured to the insurer; when NCB is pre disclosed in policy documents and specifically recorded in the invoice, it qualifies as a discount excluded from the value of supply under the discount deduction provision, and GST is chargeable on the premium after the invoice stated NCB deduction. The exemption from mandatory e invoicing under the notification applies to the entity as a whole and covers all supplies made by that entity.