No GST on Services of life insurance business by the Naval

Services of life insurance business provided or agreed to be provided by the Naval  is exempted from paying GST

 

Is GST payable on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government? GST on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government is nil rate? Should I need to pay GST on my service product  Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government?

No GST on Services of life insurance business by the Naval


As per GST Law 2017, there is no GST payable on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government.  

So the rate of GST payable on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government is nil rate.

 

The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. 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.

 

 

This information is about GST on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government.  Would you like to add more information about GST rate tariff on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government?  Share below your comments about Goods and Service Tax levied on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government.

 

The above details about GST rate tariff on Services of life insurance business provided or agreed to be provided by the Naval Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government is only for information.

The validity of above information and amendments about GST rate on Services of life insurance business provided or agreed to be provided by the Naval  Group Insurance Funds to members of the Navy under the Group Insurance Schemes of the Central Government may be verified before any business dealing.

 

Click here to know GST rate on Goods and Services


GST Exemption list of goods and services


How to export your goods?


Learn exports imports free of cost

 

   

 

GST Return for Outward Supplies made by the Taxpayer (GSTR-1)

Different Tax returns under GST Goods and Service Tax

GST registration and returns filing procedures for PSUs and Government entities

What is RETURNS in terms of Goods and Service Tax?

How to fill application for GSTIN (Goods and Service Tax Identification Number)?

Application for registration under GST Act to obtain GSTIN


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers