Circular – Withdrawal of exemption from GST on services provided by IRDAI to Insurers

IRDAI vide Reference No. IRDAI/GA&HR/CIR/MISC/171/8/2022 dated August 11, 2022 has issued a Circular on “Withdrawal of exemption from GST on services provided by IRDAI to Insurers”.

Major highlights of the Circular are as follows:

• Ministry of Finance (Dept. of Revenue) vide Notification dated July 13, 2022, has withdrawn the GST exemption in respect of the services provided by the IRDAI to Insurance Companies under the IRDAI Act, 1999.
• Insurers to ensure that any payment made to the IRDAI towards fees/charges etc due/paid on or after July 18, 2022 shall be made along with GST @ 18%.
• The insurers are further informed to submit a copy of their GST Registration Certificate bearing the Goods and Services Tax Identification Number (GSTIN) to the IRDAI as per the email IDs given below on or before August 20, 2022 for inclusion of the same in the invoices generated by IRDAI in respect of fee collection.

Insurers

Email iD

Life Insurers

life@irdai.gov.in and accounts@irdai.gov.in

Non-Life Insurers

nonlife@irdai.gov.in and accounts@irdai.gov.in

Health Insurers

health@irdai.gov.in and accounts@irdai.gov.in

Reinsurers

reinsurance@irdai.gov.in and accounts@irdai.gov.in

Source category: IRDAI

Attachments

• /2022/76_WITHDR~1.PDF