Services of life insurance business attracts no GST
Is Services of life insurance business provided by way of annuity under the National Pension System is exempted to pay GST? Any GST concession on Services of life insurance business provided by way of annuity under the National Pension System? Should I need to pay GST on my service product Services of life insurance business provided by way of annuity under the National Pension System?
As per GST Law 2017, there is no GST payable on Services of life insurance business provided by way of annuity under the National Pension System.
So the rate of GST payable on Services of life insurance business provided by way of annuity under the National Pension System is nil rate.
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 above details about GST rate tariff on Services of life insurance business provided by way of annuity under the National Pension System is only for information.
The validity of above information and amendments about GST rate on Services of life insurance business provided by way of annuity under the National Pension System may be verified before any business dealing.
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