The 47th Good and Service Tax (GST) Council, chaired by Union Finance Minister Nirmala Seetharaman, clarified that there is no GST for the No claim Bonus (NCB) offered by the Insurance Companies. The council clarified that the NCB offered is an admissible deduction for valuation of insurance services. NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. The NCB is a discount ranging between 20%-50% and is given to the insured while renewing a policy.
Source Taxscan
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