Bombay HC grants interim relief to insurers, stays ₹10,000-crore GST claims
The Bombay High Court on Friday granted an ad-interim stay on GST demands aggregating more than ₹10,000 crore raised against 13 insurance companies in connection with co-insurance premiums and ceding commission.
The court noted that circulars issued by the Central Board of Indirect Taxes and Customs (CBIC), pursuant to a decision of the GST Council, exclude such transactions from the levy of GST. In view of this, the high court stayed the recovery of the disputed tax demands.
The matter has been listed for further hearing on February 18.
The court noted that circulars issued by the Central Board of Indirect Taxes and Customs (CBIC), pursuant to a decision of the GST Council, exclude such transactions from the levy of GST. In view of this, the high court stayed the recovery of the disputed tax demands.
The matter has been listed for further hearing on February 18.
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