Clarification on various issue pertaining to GST

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..... COMMISSIONER OF COMMERCIAL TAXES CIRCULAR No. GST-20/2022 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 Insurance companies; ii. applicability of e-invoicing w.r.t an entity. 2. In order to cl .....

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..... efrain 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/ .....

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..... y to the insured? As per clause (a) of sub-section (3) of section 15 of the KGST 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 Bo .....

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..... bonus is provided in the invoice issued by the insurer to the insured, GST 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 man .....

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..... ed in making supply of some goods, including bullion. The said banking company is exempted from mandatory issuance of e-invoice in terms of Notification (07/2020)-FD 03 CSL 2020(e), dated 27 th March 2020, as amended, for all supplies of goods and services and thus, will not be required to issue e-invoice with respect to any supply made by it. 3. Difficulty if any, in the impl .....

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