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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....TAX PANDIT NEHRU COMPLEX, GURKHABASTI AGARTALA, TRIPURA WEST, PIN-799006. Dated, Agartala, the 01 February, 2025. Circular No. 01/2025 - GST (State) 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. M....

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....No. 244/01/2025-GST dated 28th January, 2025 by the Government of India, Ministry of Finance, Department of Revenue (Tax Research Unit). Enclo.: Circular No. 244/01/2025-GST. Vivek HB, IAS Chief Commissioner of State Tax Government of Tripura Circular No. 244/01/2025-GST F. No. CBIC-190354/2/2025-TO(TRU-II)-CBEC Government of India Ministry of Finance Department of Reven....

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....sued through this Circular: 2. On 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....

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....on or the reinsurance commission. The above provisions 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 re....