Services of life insurance business provided under Any other insurance scheme of the State Government attracts no GST
Is GST payable on Services of life 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? Services of life 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 falls under GST exemption list?
As per GST Law 2017, there is no GST payable on Services of life 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 life 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.
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.
This information is about GST on Services of life 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. Would you like to add more information about GST rate tariff on Services of life 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? Share below your comments about Goods and Service Tax levied on Services of life 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.
The above details about GST rate tariff on Services of life 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 only for information.
The validity of above information and amendments about GST rate on Services of life 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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