Clarifications on taxability of no claim bonus & applicability of e-invoicing under GST: Circular
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- Last Updated on 29 December, 2022
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Circular No. 186/18/2022-GST dated December 27th, 2022
The CBIC has issued a circular to clarify 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 therefore, no claim bonus cannot be considered as a consideration for any supply provided by the insured to the insurance company.
It is also clarified that exemption from generation of e-invoices is for the entity as a whole and not restricted by nature of supply being made by entity.
Click Here To Read The Full Circular
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