Services of life insurance business provided under Varishtha Pension BimaYojana attracts no GST
What is the concessional rate of GST on Services of life insurance business provided under Varishtha Pension BimaYojana? Does Services of life insurance business provided under Varishtha Pension BimaYojana fall under GST exempted items?
As per GST Law 2017, there is no GST payable on Services of life insurance business provided under Varishtha Pension BimaYojana.
So the rate of GST payable on Services of life insurance business provided under Varishtha Pension BimaYojana is nil rate.
There are six GST tax slabs – 0, 5, 12, 18, 28, and 28 percent plus cess. 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 under Varishtha Pension BimaYojana is only for information.
The validity of above information and amendments about GST rate on Services of life insurance business provided under Varishtha Pension BimaYojana may be verified before any business dealing.
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