Clarification on various issue pertaining to GST - GST - States - GST-20/2022

..... surance 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 provisions of law across the field formations, this office, in exercise of its powers conferred by section 168 of the Karnataka Goods and Services Tax Act, 2017 (hereinafter referred to as "KGST Act"), hereby clarifies the issues as under: S. No. Issue Clarification Taxability of No Claim Bonus offered by Insurance companies 1. Whet .....

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Clarification on various issue pertaining to GST - GST - States

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..... odging insurance claim during the previous year(s) and No Claim Bonus cannot be considered as a consideration for any supply provided by the insured to the insurance company. 2. Whether No Claim Bonus provided by the insurance company to the insured can be considered as an admissible discount for the purpose of determination of value of supply of insurance service provided by the insurance company to the insured? As per clause (a) of sub-section (3) of section 15 of the KGST Act, value of supply .....

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Clarification on various issue pertaining to GST - GST - States

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..... e insured. Accordingly, where the deduction on account of No claim bonus is provided in the invoice issued by the insurer to 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 Notification (07/2020)-FD 03 CSL 2020(e), dated 27th March .....

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Clarification on various issue pertaining to GST - GST - States

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