Activities or Transaction Excluded from Supply - Para 9 of Schedule III [Read with Section 7(2)] - GST Ready Reckoner - GST

Activities or Transaction which shall be treated neither as supply of goods nor as supply of services - Schedule III As per Section 7(2) , There are exception of supply, Schedule III to the CGST Act, 2017 provides the Activities or transaction which shall be treated as neither supply of goods nor supply of services. (In other words, exclude from the supply for the purposes of GST) Para 9 - Apportionment of Co-insurance Premium Activity of apportionment of co-insurance premium by the lead insurer to the co-insurer for the insurance services jointly supplied by the lead insurer and the co-insurer to the insured in co-insurance agreements, subject to the condition that the lead insurer pays the central tax, the State tax, the Union territory tax and the integrated tax on the entire amount of premium paid by the insured. [ Inserted vide Finance (No. 2) Act, 2024 , w.e.f. 01.11.2024 vide Notification No. 17/2024 dated 27.09.2024 ]