GST rates
No GST on Services of general insurance under National Agricultural Insurance Scheme
Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme attracts no GST
Is Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme is exempted to pay GST? Any GST concession on Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme? Should I need to pay GST on Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme?
As per GST Law 2017, there is no GST payable on Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme.
So the rate of GST payable on Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme 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
The above details about GST rate tariff on Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme is only for information.
The validity of above information and amendments about GST rate on Services of general insurance business provided under Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme may be verified before any business dealing.