GST duty on insurance business services (general insurance)
Is GST payable for general insurance business services? What is the rate of GST applicable for re-insurer services? Is GST exempted for life insurance business services?
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The details about GST rate changes for insurance business services (general insurance) are being updated here. The notification changes on exemptions for GST for sale of insurance business services (general insurance) and other circulars related to GST for insurance business services (general insurance) are updated in this website.
General Insurance Business has the meaning assigned to it in clause (g) of section 3 of General Insurance Business (Nationalisation) Act, 1972 (57 of 1972); [Section 65 (49) of Finance Act, 1994 as amended] Insurer means any person carrying on the general insurance business or life insurance business and includes a re-insurer; [Section 65 (58) of Finance Act, 1994 as amended] Policy Holder has the meaning assigned to it in clause (2) of section 2 of the Insurance Act, 1938 (4 of 1938);
Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. 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.
The categories of services exempted from paying GST is being declared soon by the authorities. You may go through GST exemption list of services and categories once released and confirm, whether business services of your category fall under exempted list of GST.
The above information is about GST rate for insurance business services. This post is being updated with latest changes in GST rate for general insurance, update on latest GST notification on re-insurer services and amendments related to GST on life insurance business services.
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