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        GST

        GST Council's 53rd meeting recommendations led to amendments in...

        Insurance Premium Sharing Between Lead Insurers and Co-insurers Not GST Taxable Under Schedule III CGST Act

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                          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 Council's 53rd meeting recommendations led to amendments in Schedule III of CGST Act, clarifying two key insurance transactions. First, co-insurance premium apportionment by lead insurers to co-insurers is neither goods nor services supply, provided lead insurer pays all applicable taxes on full premium. Second, ceding/reinsurance commission deducted from reinsurance premium similarly excluded, conditional on reinsurer paying taxes on gross premium including commission. These changes, effective from 01.11.2024, also include retrospective regularization from 01.07.2017 to 31.10.2024 on 'as is where is' basis, resolving historical tax treatment ambiguities in insurance sector transactions.
                                Note: It is a system-generated summary and is for quick reference only.
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