GST tax on Life Insurance
Is GST payable for Life Insurance services? What is the rate of GST applicable for Life Insurance services?
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The details about GST rate changes for sale of Life Insurance are being updated here. The notification changes on exemptions for GST for sale of Life Insurance and other circulars related to GST for Life Insurance are updated in this website.
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.
This post explains about GST impact on Life Insurance. The information about GST rate changes for Life Insurance services are updated here. The notification changes on exemptions for GST for Life Insurance related to GST are updated in this website soon.
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