No Claim Bonus treatment: GST applies on premium after deducting disclosed NCB; e invoice exemption covers the whole entity. NCB does not amount to consideration from the insured to the insurer for refraining from claims. NCB is a permissible pre disclosed discount for valuation purposes where disclosed in the policy and invoice, and GST is chargeable on the premium after deducting the NCB shown on the invoice. The e invoice exemption under the state notification applies to the entity as a whole and covers all its supplies.
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 treatment: GST applies on premium after deducting disclosed NCB; e invoice exemption covers the whole entity.
NCB does not amount to consideration from the insured to the insurer for refraining from claims. NCB is a permissible pre disclosed discount for valuation purposes where disclosed in the policy and invoice, and GST is chargeable on the premium after deducting the NCB shown on the invoice. The e invoice exemption under the state notification applies to the entity as a whole and covers all its supplies.
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