Zero rate of GST on Services of life insurance business by the Army

Services of life insurance business provided or agreed to be provided by the Army attracts no GST

 

Is Services of life insurance business provided or agreed to be provided by the Army Group Insurance Funds to members of the Army under the Group Insurance Schemes of the Central Government is exempted to pay GST? Any GST concession on Services of life insurance business provided or agreed to be provided by the Army Group Insurance Funds to members of the Army under the Group Insurance Schemes of the Central Government? Should I need to pay GST on my service product  Services of life insurance business provided or agreed to be provided by the Army Group Insurance Funds to members of the Army under the Group Insurance Schemes of the Central Government?

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

 

We already know that the GST slabs are pegged at 5%, 12%, 18% & 28%. under GST- 5 percent for essential goods, standard rate of 12 and 18 percent, high rate of 28 percent and peak rate of 28 percent plus cess for luxury items. The most essential goods and services attract nil rate of GST under Exempted Categories.   

 

 

This information is about GST on Services of life insurance business provided or agreed to be provided by the Army Group Insurance Funds to members of the Army 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 Army Group Insurance Funds to members of the Army 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 Army Group Insurance Funds to members of the Army 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 Army Group Insurance Funds to members of the Army 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 Army Group Insurance Funds to members of the Army under the Group Insurance Schemes of the Central Government may be verified before any business dealing.

 

 

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