No Claim Bonus tax treatment clarified: NCB is not consideration and is deductible from premium when invoiced, affecting GST. No Claim Bonus is not consideration from the insured to the insurer for refraining from claims. Where NCB is pre-disclosed and specifically stated on the invoice, it qualifies as a deductible discount under clause (a) of sub section (3) of section 15 of the TNGST Act, and GST is chargeable on the premium after deduction of NCB. The e invoicing exemption afforded by the cited Tamil Nadu notification applies to the entity as a whole and covers all supplies made by that entity.
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Provisions expressly mentioned in the judgment/order text.
No Claim Bonus tax treatment clarified: NCB is not consideration and is deductible from premium when invoiced, affecting GST.
No Claim Bonus is not consideration from the insured to the insurer for refraining from claims. Where NCB is pre-disclosed and specifically stated on the invoice, it qualifies as a deductible discount under clause (a) of sub section (3) of section 15 of the TNGST Act, and GST is chargeable on the premium after deduction of NCB. The e invoicing exemption afforded by the cited Tamil Nadu notification applies to the entity as a whole and covers all supplies made by that entity.
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