Heading 9971 or Heading 9991 - GST - Services - General Exemption from GST - CGST / UTGST / SGST / IGST

Services by way of reinsurance of the insurance schemes specified in serial numbers 36 or 37 37 [ or 41 ] . Definition In the Para 8.2 As per the IRDAI (Re-insurance) Regulations, 2018, Retrocession means a re-insurance transaction whereby a part of assumed reinsured risk is further ceded to another Indian Insurer or a CBR (Cross Border Re-insurer). [ See Circular No. 228 /2 2/2024-GST Dated 15.07.2024 ] Clarification Clarify the GST liability on the reinsurance of specified general and life insurance schemes. [ See Circular No. 228 /2 2/2024-GST Dated 15.07.2024 ] Clarify the GST liability on the reinsurance of insurance schemes for which total premium is paid by the Government. [ See Circular No. 228 /2 2/2024-GST Dated 15.07.2024 ] Clarify whether the term reinsurance includes retrocession . [ See Circular No. 228 /2 2/2024-GST Dated 15.07.2024 ] ************* Notes: As amended by notification no. 15/2018- Integrated Tax (Rate) dated 26-7-2018 w.e.f. 27-07-2018, before it was read as, Services by way of reinsurance of the insurance schemes specified in serial numbers 36 or 37. ************* Notes: As inserted vide Notification No. 2/2018- Integrated Tax (Rate) Dated 25-01-2018