TaxTMI 
TaxTMI 
Clarification on various issue pertaining to GST
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....SSIONER OF COMMERCIAL TAXES CIRCULAR No. GST-20/2022 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 of e-invoicing w.r.t an entity. 2. In ....
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....ling 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 to claim insurance claim du....
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....which 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 invoic....
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....unt, payable by the policy holders to the 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 (07/2020)-FD 03 CSL 2020(e), dated 27^th March 2020, as amended, is available for the entity as whole, or whether the same ....