GST Rate on Insurance Services
Everything you need to know about the GST taxation for Insurance Services in India, including HSN code 9971 and the exact tax breakdown.
Applicable GST Rate
Life insurance and general insurance services
18%
HSN/SAC Code
9971
Tax Split (Intra-State)
CGST: 9% + SGST: 9%
Calculate GST on Insurance Services
Tax Amount: ₹0.00
Total Inclusive Price: ₹0.00
Understanding Insurance Services GST & HSN Code 9971
If you are dealing in Insurance Services, it is mandatory to apply the correct GST rate of 18% on your invoices. The government classifies this under the HSN/SAC code 9971.
When selling intra-state (within the same state), this tax is split equally into CGST and SGST. For inter-state sales, the full rate is charged as IGST.
Frequently Asked Questions
What is the exact GST rate on Insurance Services?
The applicable GST rate for Insurance Services is 18%.
What is the HSN code for Insurance Services?
The harmonized system code (HSN/SAC) for Insurance Services is 9971. It is mandatory to mention this code on tax invoices for B2B transactions.