Regularizing payment of GST on coinsurance premium apportioned by the lead insurer to the coinsurer and on ceding /re-insurance commission deducted from there insurance premium paid by the insurer to the reinsurer

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....DEPARTMENT PROCEEDINGS OF THE CHIEF COMMISSIONER OF STATE TAX ` ANDHRA PRADESH::GUNTUR PRESENT: Sri BABU A., I.A.S., Ref.No.REV03-12039(31)/1/2025-POLICY, Dated 01-04-2025 Sub: APGST Act, 2017 - Regularizing payment of GST on coinsurance premium apportioned by the lead insurer to the coinsurer and on ceding /re-insurance commission deducted from there insurance premium paid by the i....

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....: 2. On the recommendations of the 53rd meeting of the GST Council held in New Delhi on 22 n d June, 2024, the following activities or transactions were included in Schedule III of the APGST 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 insurer to ....

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....rovisions were enacted vide Andhra Pradesh Amendment Act, (No.21 of 2024), dated 19.12.2024. and have been brought into force on 01.11.2024 vide G.O.Ms.No.75, Revenue(Commercial Taxes) Department, dated 11.03.2025. 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 p....