No Claim Bonus under GST clarified as an admissible pre-disclosed discount reducing taxable insurance premium. NCB granted by insurers is not consideration from the insured for refraining from claims. Where NCB is pre-disclosed in the policy and shown in the invoice, it qualifies as an admissible discount under clause (a) of sub section (3) of section 15 of the KGST Act and may be deducted from gross premium; GST is leviable on the premium payable after deduction of the NCB recorded in the invoice. The e invoicing exemption in the cited notification applies to the exempted entity as a whole for all its supplies.
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Provisions expressly mentioned in the judgment/order text.
No Claim Bonus under GST clarified as an admissible pre-disclosed discount reducing taxable insurance premium.
NCB granted by insurers is not consideration from the insured for refraining from claims. Where NCB is pre-disclosed in the policy and shown in the invoice, it qualifies as an admissible discount under clause (a) of sub section (3) of section 15 of the KGST Act and may be deducted from gross premium; GST is leviable on the premium payable after deduction of the NCB recorded in the invoice. The e invoicing exemption in the cited notification applies to the exempted entity as a whole for all its supplies.
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