Services of general insurance business provided under National Agricultural Insurance Scheme attracts no GST
Is GST payable on Services of general insurance business provided under National Agricultural Insurance Scheme? Services of general insurance business provided under National Agricultural Insurance Scheme falls under GST exemption list? Should I need to pay GST on my Services of general insurance business provided under National Agricultural Insurance Scheme?
As per GST Law 2017, there is no GST payable on Services of general insurance business provided under National Agricultural Insurance Scheme.
So the rate of GST payable on Services of general insurance business provided under National Agricultural Insurance Scheme is nil rate.
We already know that the GST slabs are pegged at 5%, 12%, 18% & 28%. under GST- 5 percent for essential goods, standard rate of 12 and 18 percent, high rate of 28 percent and peak rate of 28 percent plus cess for luxury items. The most essential goods and services attract nil rate of GST under Exempted Categories
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The above details about GST rate tariff on Services of general insurance business provided under National Agricultural Insurance Scheme is only for information.
The validity of above information and amendments about GST rate on Services of general insurance business provided under National Agricultural Insurance Scheme may be verified before any business dealing.
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