Services of general insurance business provided under Central Sector Scheme on Cattle Insurance attracts no GST
Is Services of general insurance business provided under Central Sector Scheme on Cattle Insurance is exempted to pay GST? Any GST concession on Services of general insurance business provided under Central Sector Scheme on Cattle Insurance? Should I need to pay GST on Services of general insurance business provided under Central Sector Scheme on Cattle Insurance?
As per GST Law 2017, there is no GST payable on Services of general insurance business provided under Central Sector Scheme on Cattle Insurance.
So the rate of GST payable on Services of general insurance business provided under Central Sector Scheme on Cattle Insurance 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.
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The above details about GST rate tariff on Services of general insurance business provided under Central Sector Scheme on Cattle Insurance is only for information.
The validity of above information and amendments about GST rate on Services of general insurance business provided under Central Sector Scheme on Cattle Insurance may be verified before any business dealing.
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