TaxTMI 
TaxTMI 
Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer
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....26-4/2024-25/G/5288 Date: 11-Mar-2025 Subject: Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer - reg. Reference: Circular No. 244/01/2025-GST dated 28th of January, 2025 issued under Central Goods and Services Tax Act, 2017....
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....ny, in implementation of this circular may please be brought to the notice of the undersigned. Given under the seal of this office. (S. S. Gill, IAS) Commissioner of State Taxes, Goa Annexure Circular No. 244/01/2025-GST F. No. CBIC-190354/2/2025-TO(TRU-II)-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) North B....
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.... the recommendations of the 53rd meeting of the GST Council held in New Delhi on 22nd June, 2024, the following activities or transactions were included in Schedule III of the CGST Act, 2017 as activities or transactions which shall be treated neither as a supply of goods nor as a supply of services: a) Activity of apportionment of co-insurance premium by the lead insur....
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....rovisions were enacted vide Finance (No. 2) Act, 2024 and have been brought into force on 01.11.2024 vide Notification No. 17/2024-Central Tax dated 27.09.2024. 3. In its 53rd meeting, the GST Council further recommended that the payment of GST on the activities or transactions, as specified in paragraph 2 above, may be regularized for the past period, i.e. from 01.07.2....