Services of life insurance business provided under Life micro-insurance product attracts no GST
Is GST payable on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees? Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees falls under GST exemption list?
As per GST Law 2017, there is no GST payable on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees.
So the rate of GST payable on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees 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.
The above details about GST rate tariff on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees is only for information.
The validity of above information and amendments about GST rate on Services of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees may be verified before any business dealing.
Should I need to pay GST on vices of life insurance business provided under Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees?
Click here to know GST rate on Goods and Services
GST Exemption list of goods and services
Find HSN number or Service tariff code for GST
GST registration guidelines
Indian GST Laws
How to export your goods?
How to get Export Order?
GST Registration Guidelines
Learn Imports and Exports business free of cost
Find HSN code of your product.
How to export goods from India?
Any GST exemption on sale of cattle feed straw?
Should I need to pay GST on Children’s picture drawing books?
Any attracted of GST on sale of chilled shrimp?
What is the rate of GST on sale of Coconuts?
Any GST exemption on Common salt
Is GST payable on sale of Curd?
Any attracted of GST on sale of dry plant?
Should I need to pay GST on gherkins?
What is the rate of GST on sale of Kola nuts?
Is GST payable on photographic instruments and apparatus, parts and accessories?
Any GST exemption on secateurs and pruners
Should I need to pay GST on sale of Slates?