Clarification on various issue pertaining to GST

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..... the implementation of the provisions of law across the field formations, the Principal Commissioner of State Tax, in exercise of its powers conferred by section 168 of the- Assam Goods and Services Tax Act, 2017 (hereinafter referred to as Assam GST Act ), hereby clarifies the issues as under: S. No. Issue Clarification Taxability of No Claim Bonus offered by Insurance companies 1. Whether the deduction on account of No Claim Bonus allowed by the insurance company from the insurance premium payable by the insured, can be considered as consideration for the supply provided by the insured to the insurance company, for agree .....

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..... upply. 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 policy document itself and also provide the details of the no claim Bonus in the invoices also. The pre-disclosure of NCB amount in the policy documents and specific mention of the discount in form of No Claim Bonus in the invoice is in consonance with the conditions laid down for deduction of discount from the value of supply under clause (a) of sub-section (3) of section 15 of the Assam GST Act. It is, therefore, clarified that No Claim Bonus (NCB) is a permissible deduction under clause (a) of sub-section (3) of section 15 of the Assam GST Act for .....

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..... FTX.56/2017/ Pt-II/545 dtd. 22/05/2020, 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. This Circular is clarificatory in nature and not meant for any interpretation of provisions of the Act and rules. 4. Difficulties, if any, in implementation of the above instructions may be brought to the notice of the Principal Commissioner at an early date. (Rakesh Agarwala, lAS) Principal Commissioner of State tax, Assam, Dispur, Guwahati - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITa .....

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