Services of general insurance business provided under Pradhan Mantri Suraksha BimaYojna attracts no GST
Any GST payable for Services of general insurance business provided under Pradhan Mantri Suraksha BimaYojna? Does Services of general insurance business provided under Pradhan Mantri Suraksha BimaYojna fall under GST exemption list?
As per GST Law 2017, there is no GST payable on Services of general insurance business provided under Pradhan Mantri Suraksha BimaYojna.
So the rate of GST payable on Services of general insurance business provided under Pradhan Mantri Suraksha BimaYojna is nil rate.
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 general insurance business provided under Pradhan Mantri Suraksha BimaYojna is only for information.
The validity of above information and amendments about GST rate on Services of general insurance business provided under Pradhan Mantri Suraksha BimaYojna may be verified before any business dealing.
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