Services of general insurance business provided under Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC attracts no GST
Is Services of general insurance business provided under Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC is exempted to pay GST? Any GST concession on Services of general insurance business provided under Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC?
As per GST Law 2017, there is no GST payable on Services of general insurance business provided under Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC.
So the rate of GST payable on Services of general insurance business provided under Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC is nil rate.
GST Council Decide 4 main GST Rates Slabs for India. Now GST Rates are finalised i.e GST Rates in India is 5%, 12%, 18% & 28%. 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 validity of above information and amendments about GST rate on Services of general insurance business provided under Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC may be verified before any business dealing.
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