Services of general insurance business provided under premium collected on export credit insurance attracts no GST
Is my Services of general insurance business provided under premium collected on export credit insurance exempt from paying GST? No GST applicable for Services of general insurance business provided under premium collected on export credit insurance? Should I need to pay GST on my Services of general insurance business provided under premium collected on export credit insurance?
As per GST Law 2017, there is no GST payable on Services of general insurance business provided under premium collected on export credit insurance.
So the rate of GST payable on Services of general insurance business provided under premium collected on export credit insurance 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 Premia collected on export credit insurance is only for information.
The validity of above information and amendments about GST rate on Services of general insurance business provided under Premia collected on export credit insurance may be verified before any business dealing.
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