Insurance premiums may increase after GST

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Insurance premiums are proposed to increase with Goods and Services Tax (GST), which is ready to roll out this July.
Tax Rates for Insurance Services under GST^
Rules define chargeability of Insurance Services; accordingly the GST Rates are as follows.
ParticularsGST Rate (%)Current Service Tax Rate (%)
Term Policy Premium1815
Endowment Policy
First Year Premium4.53.76
Renewal Premiums2.251.89
Single Premium Annuity1.81.5
ULIP Charges1815

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DGfreebies Dg's Blog: Insurance premiums may increase after GST
Insurance premiums may increase after GST
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