Activities or Transaction Excluded from Supply - Para 10 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 10 - Services by insurer to the reinsurer Services by insurer to the reinsurer for which ceding commission or the reinsurance commission is deducted from reinsurance premium paid by the insurer to the reinsurer, subject to the condition that the central tax, the State tax, the Union territory tax and the integrated tax is paid by the reinsurer on the gross reinsurance premium payable by the insurer to the reinsurer, inclusive of the said ceding commission or the reinsurance commission. [ Inserted vide Finance (No. 2) Act, 2024 , w.e.f. 01.11.2024 vide Notification No. 17/2024 dated 27.09.2024 ]