GST tariff for insurance auxiliary services concerning life insurance business

Amount of GST payable on services of insurance auxiliary related to life insurance

 

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The details about GST rate changes for sale of insurance auxiliary services concerning life insurance business are being updated here.  The notification changes on exemptions for GST for sale of insurance auxiliary services concerning life insurance business and other circulars related to GST for insurance auxiliary services concerning life insurance business are updated in this website.

 

GST tariff for insurance auxiliary services concerning life insurance business"Insurance Auxiliary Service" means any service provided by an actuary, an intermediary or insurance intermediary or an insurance agent in relation to general insurance business or life insurance business and includes risk assessment, claim settlement, survey and loss assessment;

 

Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services.  Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively.  Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%.   The most essential goods and services attract nil rate of GST under Exempted Categories.     Luxury goods and services and certain specific goods and services   attract additional cess than 28% GST.

 

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Indian GST charges on Insurance Auxiliary Service provided by an actuary in risk assessment

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GST slab on Insurance Auxiliary Service by life insurance loss and assessment

Goods and Service Tax rate on Service provided by an intermediary in life insurance

How much GST on Any service provided by insurance agent?

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Rate of GST slab on Insurance agent services in general insurance


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