Insurance exemptions: specified life, general and reinsurance services exempt from GST with retrocession included. Exemptions under GST cover specified life and general insurance services: annuity services under the National Pension System; group life insurance provided to armed forces and related funds; a catalogued set of general and life insurance schemes including agricultural, health, accident, crop and micro insurance products; and reinsurance of those exempt schemes. Reinsurance has been prospectively exempted and past GST liability for reinsurance of exempt schemes has been regularized on an 'as is where is' basis. The term reinsurance is clarified to include retrocession, and definitions for insurance terms are provided in the rate notification.
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.
Insurance exemptions: specified life, general and reinsurance services exempt from GST with retrocession included.
Exemptions under GST cover specified life and general insurance services: annuity services under the National Pension System; group life insurance provided to armed forces and related funds; a catalogued set of general and life insurance schemes including agricultural, health, accident, crop and micro insurance products; and reinsurance of those exempt schemes. Reinsurance has been prospectively exempted and past GST liability for reinsurance of exempt schemes has been regularized on an "as is where is" basis. The term reinsurance is clarified to include retrocession, and definitions for insurance terms are provided in the rate notification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
