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GST Council reviews reinsurance, co-insurance tax status
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.
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