The Department of Commercial Taxes, Govt. of Karnataka on January 29, 2025, notified regarding the regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding/re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer.
The following has been stated namely: -
• It states that the 53rd GST Council meeting included co-insurance premium apportionment and ceding/reinsurance commission services in Schedule III of the KGST Act, 2017, treating them as neither goods nor services, effective November 1, 2024.
• It further states that the GST payment for these activities from July 1, 2017, to October 31, 2024, was regularized on an 'as is where is' basis, as per recommendations and amendments in the KGST Act.
[Notification no. - KSA/GST. CR-05/2019 -20 (Vol-IV)]
