The circular regularizes GST payment on two insurance-related ...

Title: GST Exemption on Insurance Premium Sharing and Reinsurance Services Under Schedule III Amendment

March 20, 2025

Circulars GST - States

The circular regularizes GST payment on two insurance-related transactions from July 1, 2017 to October 31, 2024 on an "as is where is" basis. Effective November 1, 2024, Schedule III of the CGST Act was amended to exclude: (1) premium apportionment by lead insurers to co-insurers, provided the lead insurer pays GST on the entire premium; and (2) services by insurers to reinsurers where ceding/reinsurance commission is deducted from reinsurance premium, provided the reinsurer pays GST on the gross reinsurance premium inclusive of commission. This implementation follows recommendations from the 53rd GST Council meeting and applies uniformly across Goa's GST framework.

View Source

← Previous Next →

The circular regularizes GST payment on two insurance-related ...

Title: GST Exemption on Insurance Premium Sharing and Reinsurance Services Under Schedule III Amendment

March 20, 2025

Circulars GST - States

You may also like:

This trade circular provides clarifications regarding the applicability of GST on certain services based on the recommendations of the 53rd GST Council meeting. The key...

GST Council's 53rd meeting recommendations led to amendments in Schedule III of CGST Act, clarifying two key insurance transactions. First, co-insurance premium...

Clarifications issued regarding applicability of GST on certain services including exemption for Ministry of Railways (Indian Railways) supplies to public and...

Allowable deduction u/s 37(1) - disallowance of reinsurance premium payment made to non-resident reinsurers who do not have a place of business / branch in India - the...

The services rendered by an insurance agent, duly licensed u/s 42 of the Insurance Act for general insurance businesses, are taxable as "insurance auxiliary services"....

Rejection of refund claim - amount paid under protest - tax has been included in the gross amount collected as insurance premium or not - The computation of premium is a...

ITAT affirmed that insurance companies are eligible for exemptions under sections 10(38), 10(15), and 10(34) for profits from sale of shares/securities, interest on...

Refund of unutilized CENVAT Credit - appellants are rightly eligible to take credit of service tax paid on insurance premium on Group Insurance Policy, as the said...

CENVAT Credit - input service - Tax paid on re-insurance service - credit denied on the ground that reinsurance takes place after the insurance business is effected -...

Exemption from Service tax - Weather Based Crop Insurance Scheme or the Modified national Agricultural Insurance Scheme

CENVAT Credit - input services - service tax paid on insurance premium for availing medi-claim facility for employees who had opted for ‘Voluntary Separation Scheme’ -...

Insurance Auxiliary Services - brokerage received from overseas reinsurance - Export of service or not - Non receipt of consideration in foreign exchange - the basis of...

Levy of service tax - Life Insurance Service - Renting of Immovable Property Service or not - On the taxability of life insurance service, the Tribunal determined that...

Supply of service or not - The activity undertaken by the applicant like providing of mediclaim policy for the employees and their parents (parents of the employees)...

Supply of services or not - amount recovered from the employees towards parental insurance premium payable to the insurance company - pure agent services or not - The...

Quick Updates: