Clarification on various issue pertaining to GST

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....No. 4/2023-TNGST (PP6/GST/145/2022) Date: 04.01.2023 Sub: Clarification on various issue pertaining to GST-reg. Ref: Circular No. 186/18/2022-GST, dated 27.12.2022 issued by Ministry of Finance, Department of Revenue, Government of India, Central Board of Indirect Taxes  and Customs, New Delhi. In the reference cited, the CBIC, Department of Revenue, Ministry of Finance, Govern....

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.... Taxability of No Claim Bonus offered by Insurance companies 1. Whether the deduction on account of No Claim Bonus allowed by the insurance company from the insurance premium payable by the insured, can be considered as consideration for the supply provided by the insured to the insurance company, for agreeing to the obligation to refrain from the act of lodging insurance claim during the p....

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....upply provided by the insured to the insurance company. 2. Whether No Claim Bonus provided by the insurance company to the insured can be considered as an admissible discount for the purpose of determination of value of supply of insurance service provided by the insurance company to the insured? As per clause (a) of sub-section (3) of section 15 of the TNGST Act, valu....

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....hat No Claim Bonus (NCB) is a permissible deduction under clause (a) of sub-section (3) of section 15 of the TNGST Act for the purpose of calculation of value of supply of the insurance services provided by the insurance company to the insured. Accordingly, where the deduction on account of No claim bonus is provided in the invoice issued by the insurer to the insured, GST shal....