Our 8 group companies pay premium individually for Group life insurance to insurer. but for convenience we have single policy for all group cos in the name of the biggest co. Insurer now issed single premium receipt for entire premium received in the that co name. Is there any issue with regards to GST for the individual companies as they have transferred money?
Sir, thanks for reply. Will there not be any discrepency as all companies will file with their GST no for the payments made and the insurer will consider only the GST no of one company for premium receipt:
Also, all companies have made payment but one company alone will receive premium receipt. So, how to account this and can it be shown as business expenses for other companies also.
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