Nil rate of GST on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY)

Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY) is exempted paying from GST

Is GST payable on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY)? GST on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY) is nil rate? Should I need to pay GST on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY)?

As per GST Law 2017, there is no GST payable on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY).
So the rate of GST payable on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY) is nil rate.

The GST Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. 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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The above details about GST rate tariff on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY) is only for information.

The validity of above information and amendments about GST rate on Services of life insurance business provided under Aam Aadmi Bima Yojana (AABY) may be verified before any business dealing.

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