No GST on Services of general insurance business provided under Coconut Palm Insurance Scheme
Sunday, July 16, 2017     Category : GST Law

 

Services of general insurance business provided under Coconut Palm Insurance Scheme is exempted from paying GST

 

No GST on Services of general insurance business provided under Coconut Palm Insurance SchemeWhat is the concessional rate of GST on Services of general insurance business provided under Coconut Palm Insurance Scheme? Does Services of general insurance business provided under Coconut Palm Insurance Scheme fall under GST exempted items?


As per GST Law 2017, there is no GST payable on Services of general insurance business provided under Coconut Palm Insurance Scheme.
So the rate of GST payable on Services of general insurance business provided under Coconut Palm Insurance Scheme 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. According to GST slabs, the most essential goods and services fall under the exempt list while Commonly used Goods and Services have been put in the lowest tax bracket of 5 per cent. Standard Goods and Services are in 12 per cent tax bracket, the government has kept a large number of items under 18% tax slab. only Special category of Goods and Services including luxury goods fall in the top tax bracket of 28 per cent. 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 Coconut Palm Insurance Scheme. Would you like to add more information about GST rate tariff on Services of general insurance business provided under Coconut Palm Insurance Scheme? Share below your comments about Goods and Service Tax levied on Services of general insurance business provided under Coconut Palm Insurance Scheme.

 

The above details about GST rate tariff on Services of general insurance business provided under Coconut Palm Insurance Scheme is only for information.

 

The validity of above information and amendments about GST rate on Services of general insurance business provided under Coconut Palm Insurance Scheme may be verified before any business dealing.

 

 

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