Circular No. 244/01/2025-GST

Date Issued: 28 January 2025
State: Central
Source: CBIC
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Summary

This circular issues a clarification on regularizing payment of tax for co-insurance premium apportionment by the lead insurer to the co-insurer and for ceding or re-insurance commission deducted from reinsurance premium paid by an insurer to a reinsurer. It states that these activities or transactions were included in Schedule III of the CGST Act, 2017, and that payment for the past period from 01.07.2017 to 31.10.2024 is regularized on an “as is where is” basis. The document is addressed to Central Tax commissioners and refers to the GST Council’s 53rd meeting and the effective date of amendments brought into force on 01.11.2024.