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of <h1>India's Finance Ministry Clarifies GST on Co-Insurance and Reinsurance; Not Supplies Under CGST Act, 2017.</h1> The circular issued by the Ministry of Finance, Government of India, addresses the regularization of GST payments related to co-insurance premiums and reinsurance commissions. Following the GST Council's 53rd meeting recommendations, activities involving the apportionment of co-insurance premiums and ceding commissions in reinsurance are not considered supplies of goods or services under the CGST Act, 2017. These provisions, enacted via the Finance (No. 2) Act, 2024, apply retrospectively from July 1, 2017, to October 31, 2024. The circular invites stakeholders to report any implementation difficulties to the Board.
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