No Claim Bonus and e-invoicing exemption clarified: GST discount treatment and entity-wide relief apply under the circular. No Claim Bonus is not consideration for any supply by the insured, as there is no contractual obligation to refrain from lodging claims in exchange for it. It is, however, a permissible discount when pre-disclosed and recorded in the policy and invoice, so GST applies on the insurance premium after deduction of the No Claim Bonus. The e-invoicing exemption applies to the entity as a whole and is not confined to particular supplies made by that entity.
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.
No Claim Bonus and e-invoicing exemption clarified: GST discount treatment and entity-wide relief apply under the circular.
No Claim Bonus is not consideration for any supply by the insured, as there is no contractual obligation to refrain from lodging claims in exchange for it. It is, however, a permissible discount when pre-disclosed and recorded in the policy and invoice, so GST applies on the insurance premium after deduction of the No Claim Bonus. The e-invoicing exemption applies to the entity as a whole and is not confined to particular supplies made by that entity.
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