Reinsurance exemption: GST treatment clarified for specified insurance schemes, including retrocession and government paid premiums. Services comprising reinsurance of specified general and life insurance schemes listed under Heading 9971 or Heading 9991 are exempt from GST, including reinsurance of schemes with total premium paid by the government; guidance clarifies that retrocession - where a part of assumed reinsured risk is ceded further to another Indian insurer or a cross border reinsurer - is considered for exemption and GST liability under the amended integrated tax notifications.
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.
Reinsurance exemption: GST treatment clarified for specified insurance schemes, including retrocession and government paid premiums.
Services comprising reinsurance of specified general and life insurance schemes listed under Heading 9971 or Heading 9991 are exempt from GST, including reinsurance of schemes with total premium paid by the government; guidance clarifies that retrocession - where a part of assumed reinsured risk is ceded further to another Indian insurer or a cross border reinsurer - is considered for exemption and GST liability under the amended integrated tax notifications.
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