GST treatment for Motor Vehicle Accident Fund insurance services clarified, with nil tax on insurer contributions from third party premiums. The notification amends the principal Kerala SGST schedule by replacing 'transmission and distribution' with 'transmission or distribution', inserting a new exempt entry for insurance services provided by the Motor Vehicle Accident Fund funded by insurers' contributions from third party motor insurance premiums (nil tax), and adding a training partner approved by the National Skill Development Corporation as an exempt recipient. It omits item (w) in paragraph 2 and adds a definition equating 'insurer' with its meaning under the Insurance Act, 1938. The notification is effective from 16th January, 2025.
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GST treatment for Motor Vehicle Accident Fund insurance services clarified, with nil tax on insurer contributions from third party premiums.
The notification amends the principal Kerala SGST schedule by replacing "transmission and distribution" with "transmission or distribution", inserting a new exempt entry for insurance services provided by the Motor Vehicle Accident Fund funded by insurers' contributions from third party motor insurance premiums (nil tax), and adding a training partner approved by the National Skill Development Corporation as an exempt recipient. It omits item (w) in paragraph 2 and adds a definition equating "insurer" with its meaning under the Insurance Act, 1938. The notification is effective from 16th January, 2025.
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