Nil traiff GST on Agricultural Pumpset and Failed Well Insurance

 

Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance is exempted from paying GST

 

Nil traiff GST on Agricultural Pumpset and Failed Well InsuranceAny GST payable for Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance? Does Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance fall under GST exemption list? Should I need to pay GST on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance?


As per GST Law 2017, there is no GST payable on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance.
So the rate of GST payable on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance is nil rate.

 

GST Council Decide 4 main GST Rates Slabs for India. Now GST Rates are finalised i.e GST Rates in India is 5%, 12%, 18% & 28%. 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

 

This information is about GST on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance. Would you like to add more information about GST rate tariff on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance? Share below your comments about Goods and Service Tax levied on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance.

 

The above details about GST rate tariff on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance is only for information.

 

The validity of above information and amendments about GST rate on Services of general insurance business provided under Agricultural Pumpset and Failed Well Insurance may be verified before any business dealing.

  

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