E invoicing exemption applies to the entire entity, so exempted businesses need not e invoice any supplies. The Circular clarifies that No Claim Bonus reductions are not consideration from the insured to the insurer and, when pre disclosed in the policy and specifically recorded on the invoice, qualify as a deductible discount for determination of the taxable value of insurance services under section 15(3)(a) of the UPGST Act; GST is payable on the premium after deduction of the No Claim Bonus shown on the invoice. It also clarifies that the e invoicing exemption in the relevant notification applies to the entity as a whole and not merely to particular supplies.
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.
E invoicing exemption applies to the entire entity, so exempted businesses need not e invoice any supplies.
The Circular clarifies that No Claim Bonus reductions are not consideration from the insured to the insurer and, when pre disclosed in the policy and specifically recorded on the invoice, qualify as a deductible discount for determination of the taxable value of insurance services under section 15(3)(a) of the UPGST Act; GST is payable on the premium after deduction of the No Claim Bonus shown on the invoice. It also clarifies that the e invoicing exemption in the relevant notification applies to the entity as a whole and not merely to particular supplies.
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 
