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of <h1>GST Council Clarifies Tax Treatment for Insurance Transactions, Provides Retroactive Regularization of Premium and Commission Payments</h1> A circular from Karnataka's Commercial Taxes Department clarifies GST treatment for two insurance-related transactions: co-insurance premium apportionment and reinsurance commission deduction. The GST Council recommended these activities be treated as neither goods nor service supplies, subject to specific tax payment conditions. The circular regularizes GST payments for these transactions from July 2017 to October 2024 on an 'as is where is' basis, effective from November 1, 2024.
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