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?
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.
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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.
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