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TMI BlogExemption in relation to Insurance sector [ Entry no. 28,29,29A,29B,35,36,36A,40 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... rvice of life insurance business provided by way of annuity under the National Pension System regulated by Pension Fund Regulatory and Development Authority (PFRDA) of India is exempt from GST. The premium received by such life insurance companies under the National Pension System was exempt from Services Tax w.e.f. 1st April, 2016. The same benefits are also provided under GST The premium received by life insurance companies under the National Pension System regulated by Pension Fund Regulatory and Development Authority (PFRDA) of India is exempt. Example: R Ltd an insurance company provides life insurance business to its clients; such services shall be exempt if the company is under the National Pension System regulated by Pension Fund Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p Insurance Scheme (RWCIS)] or the Modified National Agricultural Insurance Scheme, approved by the Government of India and implemented by the Ministry of Agriculture; Jan Arogya Bima Policy; Pradhan Mantri Fasal Bima Yojana (PMFBY); Pilot Scheme on Seed Crop Insurance; Central Sector Scheme on Cattle Insurance;(m) Universal Health Insurance Scheme; Rashtriya Swasthya Bima Yojana; Coconut Palm Insurance Scheme; Pradhan Mantri Suraksha BimaYojna; Niramaya Health Insurance Scheme implemented by the Trust constituted under the provisions of the National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999. Example Rakesh has provided services of general insurance business under Hu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xempt general insurance and life insurance schemes for the past period, i.e. from 01.07.2017 to 24.01.2018, on 'as is where is' basis. 6.4 Thus, as recommended by the GST Council, GST liability on the services by way of reinsurance of the insurance schemes specified in SI. Nos. 35 and 36 of notification No. 12/2017-CT(R) dated 28.06.2017 is regularized for the period from 01.07.2017 to 24.01.2018 on 'as is where is' basis. 8. Applicability of GST on retrocession services. [ Circular No. 228 /2 2/2024-GST dated 15/07/2024 ] 8.1 Representations have been received to clarify whether the term 'reinsurance' as mentioned in SI. No. 36A of notification No. 12/2017-CT(R) dated 28.06.2017 includes 'retrocession'. 8.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12/2017-CT(R) dated 28.06.2017 . Vide entry at SI. No. 36A of the said notification, re-insurance of the aforesaid insurance schemes has been prospectively exempted w.e.f. 27.07.2018. 7.3 GST Council in its 53rd meeting held on 22nd June, 2024 has recommended to regularize the GST liability on such reinsurance of Government sponsored insurance schemes for the past period, i.e. from 01.07.2017 to 26.07.2018, on 'as is where is' basis. 7.4 Thus, as recommended by the GST Council, GST liability on the services by way of reinsurance of insurance services covered under SI. No. 40 of notification No. 12/2017-CT(R) dated 28.06.2017 is regularized for the period from 01.07.2017 to 26.07.2018 on 'as is where is' basis. As per Notific ..... X X X X Extracts X X X X X X X X Extracts X X X X
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