Clarification on various issue pertaining to GST

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..... ubject : 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 clarify the issue and to ensure uniformity in the implementation of the p .....

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..... 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/injury as per the terms of the policy, and is not under a .....

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..... ub-section (3) of section 15 of the DGST 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 Bonus, subject to certain conditions, to the insured in the .....

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..... o 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 mandatory generation of e-invoices in terms of Notificatio .....

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..... g company is exempted from mandatory issuance of e-invoice in terms of Notification No. 13/2020-State Tax, dated 31st March, 2021, 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 implementation of this circular may please be brought to the notice of the Commission .....

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