No Claim Bonus not treated as consideration; permissible invoice deduction reduces taxable insurance premium under GST valuation rules. No Claim Bonus does not amount to consideration from the insured to the insurer and is not a supply; where NCB is pre disclosed in the policy and recorded in the invoice, it is an admissible deduction from the value of insurance services for GST valuation, and GST is leviable on the premium after NCB deduction. Exemption from mandatory e invoicing for specified sectors applies to the entity as a whole, covering all supplies made by that entity.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
No Claim Bonus not treated as consideration; permissible invoice deduction reduces taxable insurance premium under GST valuation rules.
No Claim Bonus does not amount to consideration from the insured to the insurer and is not a supply; where NCB is pre disclosed in the policy and recorded in the invoice, it is an admissible deduction from the value of insurance services for GST valuation, and GST is leviable on the premium after NCB deduction. Exemption from mandatory e invoicing for specified sectors applies to the entity as a whole, covering all supplies made by that entity.
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