GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Service Tax to be exempted on general insuranceschemes under which scheme:
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Companies Amendment Bill
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Shyama Prasad Mukherji Rurban Mission
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Customer Act
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NIRMAYA Scheme
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Explanation:
Detailed explanation-1: -GST on General Insurance As of 2022, the GST applicable on general insurance policies will also be 18%. With this change, policyholders will have to pay increased taxes. Corporate policyholders may still enjoy input tax credit. However, this benefit is not available for life and health insurance policies.
Detailed explanation-2: -Is GST on medical insurance premiums eligible for 80D? Yes, the GST amount paid on health insurance premiums is eligible for an 80D deduction along with the premium amount.
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