https://www.taxtmi.com/circulars?id=69375 The Circular clarifies that No Claim Bonus reductions are not consideration from the insured to the insurer and, when pre disclosed in the policy and specifically recorded on the invoice, qualify as a deductible discount for determination of the taxable value of insurance services under section 15(3)(a) of the UPGST Act; GST is payable on the premium after deduction of the No Claim Bonus shown on the invoice. It also clarifies that the e invoicing exemption in the relevant notification applies to the entity as a whole and not merely to particular supplies. en-us Mon, 02 Jan 2023 00:00:00 +0530 Thu, 12 Mar 2026 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=69375 The Circular clarifies that No Claim Bonus reductions are not consideration from the insured to the insurer and, when pre disclosed in the policy and specifically recorded on the invoice, qualify as a deductible discount for determination of the taxable value of insurance services under section 15(3)(a) of the UPGST Act; GST is payable on the premium after deduction of the No Claim Bonus shown on the invoice. It also clarifies that the e invoicing exemption in the relevant notification applies to the entity as a whole and not merely to particular supplies. Circulars GST - States Mon, 02 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/circulars?id=69375