No Claim Bonus not treated as consideration and may be deducted from premium for GST valuation. No Claim Bonus is not consideration from the insured and does not constitute a supply by the insured. When NCB is pre disclosed in the policy and specifically recorded on the invoice, it qualifies as a deductible discount under clause (a) of sub section (3) of section 15 of the GGST Act, and GST is payable on the premium after deducting the NCB. The e invoicing exemption under Notification No. 13/2020 State Tax applies to the entity as a whole, not to particular 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 not treated as consideration and may be deducted from premium for GST valuation.
No Claim Bonus is not consideration from the insured and does not constitute a supply by the insured. When NCB is pre disclosed in the policy and specifically recorded on the invoice, it qualifies as a deductible discount under clause (a) of sub section (3) of section 15 of the GGST Act, and GST is payable on the premium after deducting the NCB. The e invoicing exemption under Notification No. 13/2020 State Tax applies to the entity as a whole, not to particular supplies.
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