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Clarification on various issue pertaining to GST - GST - States - 4/2023-TNGST

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..... ms, New Delhi. In the reference cited, the CBIC, Department of Revenue, Ministry of Finance, Government of India, New Delhi, has issued Circular No. 186/18/2022-GST, dated 27.12.2022 on the recommendations of the GST Council. Hence, following pari materia circular is issued:- 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 for an .....

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Clarification on various issue pertaining to GST - GST - States

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..... iod(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 any contractual obligation not to claim insurance claim during any period covered under the policy, in lieu of No Claim Bonus. It is, therefore, clarified that there is no supply provided by the insured to the insurance company in form of agreeing to the obligation to refrain from the act of lodging insurance claim during the previous year(s) and No .....

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Clarification on various issue pertaining to GST - GST - States

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..... 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 TNGST 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 TNGST Act for the purpose of calculation of value of supply of the insurance services provided by the insurance company to the insured. Accordingly, where the deduction on account .....

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Clarification on various issue pertaining to GST - GST - States

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..... of supply being made by the said entity. Illustration: A Banking Company providing banking services, may also be involved in making supply of some goods, including bullion. The said banking company is exempted from mandatory issuance of e-invoice in terms of TN Notfn No.II(2)/CTR/232(h-5)/2020, dated 13-4-2020 [Issue No. 158], 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. Sd/- Dheeraj Kumar Principal Se .....

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Clarification on various issue pertaining to GST - GST - States

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