Services of life insurance business provided under Janashree Bima Yojana (JBY) attracts no GST on
Is Services of life insurance business provided under Janashree Bima Yojana (JBY) is exempted to pay GST? Any GST concession on Services of life insurance business provided under Janashree Bima Yojana (JBY)? Should I need to pay GST on Services of life insurance business provided under Janashree Bima Yojana (JBY)?
As per GST Law 2017, there is no GST payable on Services of life insurance business provided under Janashree Bima Yojana (JBY).
So the rate of GST payable on Services of life insurance business provided under Janashree Bima Yojana (JBY)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.
The above details about GST rate tariff on Services of life insurance business provided under Janashree Bima Yojana (JBY)is only for information.
The validity of above information and amendments about GST rate on Services of life insurance business provided under Janashree Bima Yojana (JBY) may be verified before any business dealing.
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