The Commissioner of State Tax, Government of Maharashtra on February 28, 2025, notified regarding the CBIC notification 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 which shall be applicable to the state mutatis mutandis
The following has been stated in the CBIC circular namely: -
• It states that the 53rd GST Council meeting included co-insurance premium apportionment and ceding/reinsurance commission services in Schedule III of the CGST Act, 2017, treating them as neither goods nor services, effective November 01, 2024.
• It further states that the GST payment for these activities from July 01, 2017, to October 31, 2024, was regularized on an 'as is where is' basis, as per recommendations and amendments in the CGST Act.
[Notification No. 09 T of 2025]
