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of <h1>GST Payments on Co-insurance and Reinsurance Commissions Regularized Under Schedule III, Retroactive to July 2017</h1> The circular from the Directorate of Commercial Taxes, West Bengal, addresses the regularization of GST payments on co-insurance premiums and ceding/reinsurance commissions. Based on the GST Council's 53rd meeting recommendations, these activities are classified under Schedule III of the WBGST Act, 2017, as neither goods nor services, provided specific tax conditions are met. The amendments, effective from November 1, 2024, are retroactively applied from July 1, 2017, to October 31, 2024. Any implementation issues should be reported to the Commissioner.
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