IRDAI Notifies Applicability of GST on services provided by IRDAI to Insurance intermediaries

The Insurance Regulatory and Development Authority(IRDAI) Notifies Applicability of GST on services provided by IRDAI to Insurance intermediaries.

As per the Order passed by the Commissioner (Appeals – I) in appeal no. HYD/SVTAX-HYC/APP-025-022-23 (APP1) dated 22/06/2022, it is stated that the services provided by the Authority to Insurance intermediaries are liable for Service Tax / GST.

Therefore, all insurance intermediaries are advised to ensure that any payment made to the Authority towards fees / charges etc., paid / payable on or after 12/08/2022 shall be made along with GST @ 18%. Instructions in respect of Service Tax / GST for the earlier period will be issued separately.

Further, all the insurance intermediaries are directed to submit a copy of their GST registration certificate bearing the Goods and Services Tax Identification Number to the Authority on the e-mail ID, [email protected] and [email protected] on or before 20th August, 2022 for the purpose of including the same in the invoices generated by the Authority in respect of the fee collection.