/Still Pixels from Pexels
An 18% tax is usually levied on any supply of service.
India’s GST (Goods and Services Tax) Council announced that reinsurance is not considered a supply of service at its 22 June meeting.
This clarification made in its 22 June meeting, aimed at maintaining current insurance industry practices, means no GST will apply to reinsurance.
The council also addressed GST applicability on co-insurance. An 18% tax is typically levied on any supply of service.
However, the GST fitment committee has proposed that reinsurance should not be classified as such, thus exempting it from GST.
Join
Insurance Asia
community
Since you're here...
...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.
Let us help you drive your business forward with a good partnership!