Services of general insurance business provided under Hut Insurance Scheme attracts no GST
Is my Services of general insurance business provided under Hut Insurance Scheme exempt from paying GST? No GST applicable for Services of general insurance business provided under Hut Insurance Scheme? Should I need to pay GST on Services of general insurance business provided under Hut Insurance Scheme?
As per GST Law 2017, there is no GST payable on Services of general insurance business provided under Hut Insurance Scheme.
So the rate of GST payable on Services of general insurance business provided under Hut Insurance Scheme is nil rate.
There are six GST tax slabs – 0, 5, 12, 18, 28, and 28 percent plus cess. 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
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The above details about GST rate tariff on Services of general insurance business provided under Hut Insurance Scheme is only for information.
The validity of above information and amendments about GST rate on Services of general insurance business provided under Hut Insurance Scheme may be verified before any business dealing.
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