GST on No Claim Bonus
No claim bonus, insurance companies give some monitory benefit by reducing the insurance premium amount of those customer, who have not claimed any insurance amount against such policy during the policy period
Inter State supply v/s Intra State supply in GST
GST is a dual model tax which is implemented in India, whereas both Central Government and state Government levy GST simultaneously. If a transaction happens between same state, then both Central Government and State Government levy GST i.e., Central Goods and Services tax (CGST) and State Goods and Services tax (SGST) or if transaction occurs in union territory, then instead of SGST, Union Territory Goods and Service tax (UTGST) will be levied and if transaction occurs between two different states, or one state and one Union territory or as the case maybe, then Integrated Goods and Services tax shall be levied.
Charge to Tax- VAT
VAT is collected on supply of goods or services if there is charge to VAT, i.e., levy of VAT. In simple words, whenever there is a supply of goods or services by any taxable person, then such supply will create a levy/charge to VAT
GST Credit Setoff Rules
Goods and Services Tax (GST) in India has an advantage that it has the remedy for cascading effect. It means that it allows tax payer to adjust taxes paid on purchases against the taxes that is required to be paid on sales
How VAT works
VAT is an Indirect tax in nature, where tax is paid indirectly to government. For example, unlike Income tax which we pay directly to tax authorities, VAT is collected by registered person from purchaser and then it is paid to authorities