TaxTMI 
TaxTMI 
TaxTMI 
Clarification on various issue pertaining to GST
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Principal Commissioners/ Commissioners of Central Tax (All) The Principal Directors General/ Directors General (All) Madam/Sir, Subject: Clarification on various issue pertaining to GST-reg. Representations have been received from the field formations seeking clarification on certain issues with respect to - i. taxability of No Claim Bonus offered by Insurance companies; ii. applicability....
X X X X Extracts X X X X
X X X X Extracts X X X X
....)? As per practice prevailing in the insurance sector, the insurance companies deduct No Claim Bonus from the gross insurance premium amount, when no claim is made by the insured person during the previous insurance period(s). The customer/ insured procures insurance policy to indemnify himself from any loss/ injury as per the terms of the policy, and is not under any contractual obligation not t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ich is given before or at the time of supply if such discount has been duly recorded in the invoice issued in respect of such supply. The insurance companies make the disclosure of the fact of availability of discount in form of No Claim Bonus, subject to certain conditions, to the insured in the insurance policy document itself and also provide the details of the no claim Bonus in the invoices a....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... insurer, after deduction of No Claim Bonus mentioned on the invoice. Clarification on applicability of e-invoicing w.r.t an entity 3. Whether the exemption from mandatory generation of e-invoices in terms of Notification No. 13/2020-Central Tax, dated 21st March, 2020, as amended, is available for the entity as whole, or whether the same is available only in respect of certain supplies made by....