Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding Ire-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer

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..... missioner of Commercial Taxes Vanijya Therige Karyalaya, Gandhinagar, Bengaluru-560009, Dated: 29-01-2025 COMMISSIONER OF COMMERCIAL TAXES CIRCULAR No. GST- 35/2024 Subject: Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding Ire-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsure .....

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..... co-insurance agreements, subject to the condition that the lead insurer pays the Central tax, the State tax, the Union territory tax and the integrated tax on the entire amount of premium paid by the insured. b) Services by insurer to the reinsurer for which ceding commission or the reinsurance commission is deducted from reinsurance premium paid by the insurer to the reinsurer, subject to the c .....

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..... 4. Thus, as recommended by the 53rd GST Council, the payment of GST on the activities or transactions specified in paragraph 2 above is regularized for the period 01.07.2017 to 31.10.2024, on 'as is where is ' basis. 5. Difficulties, if any, in the implementation of this circular may be brought to the notice of this office. (VIPUL BANSAL) Commissioner of Commercial Taxes (Karnata .....

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