No Claim Bonus not consideration; GST applies to premium after allowable NCB deduction when invoiced. NCB is not consideration from the insured to the insurer; where NCB is pre disclosed and recorded in the invoice it is an allowable deduction under clause (a) of sub section (3) of section 15 for valuation of insurance services, and GST is leviable on the premium after deduction of NCB. The e invoicing exemption in Notification No. 05/2020 State Tax applies to the exempted entity as a whole and thus covers 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 consideration; GST applies to premium after allowable NCB deduction when invoiced.
NCB is not consideration from the insured to the insurer; where NCB is pre disclosed and recorded in the invoice it is an allowable deduction under clause (a) of sub section (3) of section 15 for valuation of insurance services, and GST is leviable on the premium after deduction of NCB. The e invoicing exemption in Notification No. 05/2020 State Tax applies to the exempted entity as a whole and thus covers all supplies made by that entity.
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