Clarification on various issue pertaining to GST

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.... -1, Additional Commissioner Grade -2 (S.I.B.) Joint Commissioner (Executive/Corporate Circle/S.I.B) State Tax, Uttar Pradesh. 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 Insur....

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....o refrain from the act of lodging insurance claim during the previous year(s)? As per practice prevailing 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 pe....

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....(3) of section 15 of the UPGST 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 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 poli....

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.... 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. 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 No. 428/XI-2-9(47)/17 U.P. Act- 1-2017-Order-(106)-2020 Dated 30.04....