GST treatment of co insurance premium apportionment and reinsurance commission regularised, subject to tax payment condition by lead insurer/reinsurer. Apportionment of co insurance premium by the lead insurer and insurer services to reinsurer (where ceding/reinsurance commission is deducted) are treated as non supplies under Schedule III, conditional on the lead insurer or the reinsurer paying GST on the full premium/gross reinsurance premium inclusive of commission. These rules were enacted by the Uttar Pradesh GST Amendment (No. 2) Act, 2024 and GST payment on such transactions is regularized retrospectively on an 'as is where is' basis for the specified earlier period.
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Provisions expressly mentioned in the judgment/order text.
GST treatment of co insurance premium apportionment and reinsurance commission regularised, subject to tax payment condition by lead insurer/reinsurer.
Apportionment of co insurance premium by the lead insurer and insurer services to reinsurer (where ceding/reinsurance commission is deducted) are treated as non supplies under Schedule III, conditional on the lead insurer or the reinsurer paying GST on the full premium/gross reinsurance premium inclusive of commission. These rules were enacted by the Uttar Pradesh GST Amendment (No. 2) Act, 2024 and GST payment on such transactions is regularized retrospectively on an "as is where is" basis for the specified earlier period.
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