TaxTMI 
TaxTMI 
Clarification on various issue pertaining to GST
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....ub: 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, Government of India, New Delhi, has issued Circular No. 186/18/2022-GST, dated ....
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....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 previous year(s)? As per practice prevailing in the insurance sector, the insurance companies....
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....he 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, value of supply shall not include any discount which is given before or at the time of supply if such discount has been duly re....
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....ulation 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 shall be leviable on actual insurance premium amount, payable by the policy holders to the insurer, after deduction of No Claim Bonus mentioned on the invoice. Clari....