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of <h1>Co-insurance premium apportionment excluded from GST supply under Schedule III, CGST Act, 2017, per Section 7(2), Paragraph 9.</h1> Activities or transactions excluded from supply under Schedule III of the CGST Act, 2017, as per Section 7(2), are not considered as supply of goods or services for GST purposes. Specifically, Paragraph 9 addresses the apportionment of co-insurance premiums. This activity involves the lead insurer distributing the premium among co-insurers in agreements where insurance services are jointly provided. This is contingent upon the lead insurer paying the required central, state, union territory, and integrated taxes on the full premium amount paid by the insured. This provision was introduced by the Finance (No. 2) Act, 2024, effective November 1, 2024.
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