Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
GST regularisation for co insurance apportionment and reinsurance commissions permits retrospective 'as is where is' compliance. Apportionment of co insurance premium by the lead insurer and insurer services to a reinsurer involving ceding/reinsurance commission are treated as neither supply under Schedule III provided the lead insurer pays tax on the full premium from the insured and the reinsurer pays tax on the gross reinsurance premium inclusive of commission; these rules were enacted in the Finance (No. 2) Act, 2024 and have been regularized retrospectively on an 'as is where is' basis.
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.
GST regularisation for co insurance apportionment and reinsurance commissions permits retrospective 'as is where is' compliance.
Apportionment of co insurance premium by the lead insurer and insurer services to a reinsurer involving ceding/reinsurance commission are treated as neither supply under Schedule III provided the lead insurer pays tax on the full premium from the insured and the reinsurer pays tax on the gross reinsurance premium inclusive of commission; these rules were enacted in the Finance (No. 2) Act, 2024 and have been regularized retrospectively on an "as is where is" basis.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
