Exempted GST on life insurance business provided under Life micro-insurance product

 

Services of life insurance business provided under Life micro-insurance product attracts no GST

 

Exempted GST on life insurance business provided under Life micro-insurance productIs GST payable on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees? Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees falls under GST exemption list?

 


As per GST Law 2017, there is no GST payable on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees.
So the rate of GST payable on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees is nil rate.

 

 

Under GST, all goods and services transacted in India are classified under the HSN code system or SAC Code system. Goods are classified under HSN Code and services are classified under SAC Code. Based on the HSN or SAC code, GST rates have been fixed in five slabs, namely NIL, 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess.

 

The above details about GST rate tariff on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees is only for information.

 

The validity of above information and amendments about GST rate on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees may be verified before any business dealing.

 

Should I need to pay GST on vices of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees?

 

 

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