{"id":24118,"date":"2021-12-04T07:43:05","date_gmt":"2021-12-04T07:43:05","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=24118"},"modified":"2026-04-07T17:15:39","modified_gmt":"2026-04-07T11:45:39","slug":"gst-on-insurance-banking","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/","title":{"rendered":"Impact of GST on Insurance and Banking"},"content":{"rendered":"<p>Both the insurance and banking sectors are expected to become more expensive from July 1 due to a jump in post-GST rates to 18% from the existing 15%. The impact of the GST on insurance and banking will raise premiums, particularly for households who have health, life, and auto insurance.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/#GST_on_Insurance\" title=\"GST on Insurance\">GST on Insurance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/#Life_Insurance_Health_Insurance\" title=\"Life Insurance &amp; Health Insurance\">Life Insurance &amp; Health Insurance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/#General_Insurance\" title=\"General Insurance\">General Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/#Banking\" title=\"Banking\">Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/#Banking_Companies\" title=\"Banking Companies\">Banking Companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"GST_on_Insurance\"><\/span><strong>GST on Insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Life_Insurance_Health_Insurance\"><\/span><strong>Life Insurance &amp; Health Insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>There are three different kinds of life insurance:<\/li>\n<li>Term insurance policies are the most basic kind of life insurance policy.<\/li>\n<li>ULIPs \u2014 a single integrated plan that combines insurance and investment.<\/li>\n<li>Endowments (including money-back) are life insurance policies that pay a lump sum or a fixed monthly amount at maturity or death (sort of like a pension)<\/li>\n<\/ul>\n<p>Service tax rates vary depending on the type of insurance &#8211; for example, ICICI Prudential Life Insurance charges the following rates for service tax:<\/p>\n<table width=\"834\">\n<tbody>\n<tr>\n<td><strong>Category<\/strong><\/td>\n<td><strong>Service Tax With SBC And KKC<\/strong><\/td>\n<td><strong>After GST<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Term insurance premium<\/td>\n<td>15%<\/td>\n<td>18%<\/td>\n<\/tr>\n<tr>\n<td>ULIP charges<\/td>\n<td>15%<\/td>\n<td>18%<\/td>\n<\/tr>\n<tr>\n<td>Health insurance premium<\/td>\n<td>15%<\/td>\n<td>18%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>All of these rates will be replaced by 18 percent, resulting in a premium rise. The following is the value of the delivery of services in relation to the life insurance business:<\/p>\n<p>a) The gross premium minus the amount allocated for investment or savings on behalf of the policyholder, if such amount is revealed to the policyholder, shall constitute the value of supply of services in relation to life insurance company.<\/p>\n<p>For example,<\/p>\n<table width=\"834\">\n<tbody>\n<tr>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>Under Service Tax<\/strong><\/td>\n<td><strong>Under GST<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Gross Premium<\/td>\n<td>1000<\/td>\n<td>1000<\/td>\n<\/tr>\n<tr>\n<td>Investment Portion<\/td>\n<td>600<\/td>\n<td>600<\/td>\n<\/tr>\n<tr>\n<td>Life Insurance portion<\/td>\n<td>400<\/td>\n<td>400<\/td>\n<\/tr>\n<tr>\n<td>Service tax @ 15% on 400<\/td>\n<td>60<\/td>\n<td>\u2014\u2013<\/td>\n<\/tr>\n<tr>\n<td>GST @18% on 400<\/td>\n<td>\u2014\u2013<\/td>\n<td>72<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>b) Single premium annuity policies: 10% of the premium is refundable.<\/p>\n<p>c) In all other circumstances, the premium payable will be reduced by 25% for the first year and 12.5 percent for the second year and onwards.<\/p>\n<table width=\"834\">\n<tbody>\n<tr>\n<td>Gross Premium p.a.<\/td>\n<td>1000<\/td>\n<\/tr>\n<tr>\n<td><em>1st\u00a0Year<\/em><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>25% of the value<\/td>\n<td>250<\/td>\n<\/tr>\n<tr>\n<td>GST @18% on 250<\/td>\n<td>62.50<\/td>\n<\/tr>\n<tr>\n<td><em>2nd\u00a0year<\/em><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>12.5% of the value<\/td>\n<td>125<\/td>\n<\/tr>\n<tr>\n<td>GST @18% on 125<\/td>\n<td>22.50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>d) If the entire premium is for life insurance, the GST rate of 18% shall be applied to the entire premium.<\/p>\n<p>Due to the increase in rates, both existing and new policyholders will see an increase in premiums. The rise in taxes will be passed on to consumers through insurers. The increasing quantity of GST returns, as well as the effect of taxability of inter-branch services, are expected to increase compliance and administrative expenses for insurers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"General_Insurance\"><\/span><strong>General Insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Fire insurance, marine insurance, car insurance, and theft insurance are all examples of general insurance. General insurance would also be subject to the 18% GST rate.<\/p>\n<p><strong>Impact<\/strong><\/p>\n<p>The general insurance premium will increase for policyholders as the tax rate is raised from 15% to 18%. General insurance policyholders can claim an input tax credit for the GST they paid on their policies (it was available to them even under service tax). Life and health insurance policyholders will not be eligible for the input tax credit because it is not available for these types of policies (as they are for personal purposes). Input tax credits will not be available to business policyholders who provide group life and health insurance to their employees.<\/p>\n<p>Government-sponsored life insurance is free from the GST:<\/p>\n<ul>\n<li>Janashree Bima Yojana (JBY)<\/li>\n<li>Aam Aadmi Bima Yojana (AABY)<\/li>\n<li>Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having the maximum cover of Rs. 50,000<\/li>\n<li>Varishtha Pension BimaYojana<\/li>\n<li>Pradhan Mantri Jeevan Jyoti BimaYojana<\/li>\n<li>Pradhan Mantri Jan Dhan Yogana<\/li>\n<li>Pradhan Mantri Vaya Vandan Yojana<\/li>\n<\/ul>\n<ul>\n<li>Any such state government insurance scheme that the Government of India may notify on the GSTC&#8217;s recommendation.<\/li>\n<li>The government provides life insurance to members of the Army, Navy, and Air Force.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Banking\"><\/span><strong>Banking<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Banking services are now subject to a 15% service tax, which will rise to 18% under the GST. Customers will pay more for banking services, just as they will for insurance if taxes rise. Most banks now impose transaction fees for cash withdrawals from various bank ATMs and cash withdrawals from branch locations (the first 5 for both are free). All of these are subject to a 15% service tax, which will rise to 18% under the GST scheme.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Banking_Companies\"><\/span><strong>Banking Companies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The tax burden will be passed on to customers by banking institutions. Their administrative and compliance tasks, on the other hand, will be significantly increased. Branches provide each other with services that will be subject to GST (they can later claim input tax credit). As a result, the amount of paperwork will increase, as will the running costs. Consumers in the corporate world will be pleased with this news. They can now claim an input tax credit for banking services they have purchased for their company accounts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Due to the increase in GST rates, all policyholders would have to pay higher insurance premiums. A typical family with life, health, and auto insurance will see a 3% increase in their insurance costs. If they spend Rs. 30,000 on insurance per year, excluding service tax, their costs will rise by 3% or Rs. 900.<\/p>\n<blockquote><p>Read, also:\u00a0<a href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/\">GST On Non-Banking Finance Companies (NBFCs) in India<\/a><br \/>\n<a href=\"https:\/\/www.legalraasta.com\/gst\/crucial-points-remember-from-43rd-gst-council-meeting\/\">Crucial Points to be Remember from The 43rd GST Council Meeting<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Both the insurance and banking sectors are expected to become more expensive from July 1 due to a jump in post-GST rates to 18% from the existing 15%. The impact of the GST on insurance and banking will raise premiums, particularly for households who have health, life, and auto insurance. GST on Insurance Life Insurance &amp; [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":24552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[125],"tags":[4490,62,4696,4695,4694,3890,4698,4697],"class_list":["post-24118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst","tag-goods-services-tax","tag-gst","tag-gst-on-insurance","tag-gst-on-insurance-and-banking","tag-gst-return-gst-registration","tag-impact-of-gst","tag-impact-of-gst-on-insurance","tag-impact-of-gst-on-insurance-and-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Impact of GST on Insurance and Banking | GST on Insurance<\/title>\n<meta name=\"description\" content=\"The impact of the GST on insurance and banking will raise premiums, particularly for households who have health, life, and auto insurance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Impact of GST on Insurance and Banking | GST on Insurance\" \/>\n<meta property=\"og:description\" content=\"The impact of the GST on insurance and banking will raise premiums, particularly for households who have health, life, and auto insurance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalraasta.com\/blog\/gst-on-insurance-banking\/\" \/>\n<meta property=\"og:site_name\" content=\"LegalRaasta Knowledge portal\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-04T07:43:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-07T11:45:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2021\/10\/GST-on-Insurance-and-Banking.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Author: LegalRaasta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Author: LegalRaasta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/gst-on-insurance-banking\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/gst-on-insurance-banking\\\/\"},\"author\":{\"name\":\"Author: LegalRaasta\",\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/#\\\/schema\\\/person\\\/8fffceba7148ae1120f0bd4bf73b0c62\"},\"headline\":\"Impact of GST on Insurance and Banking\",\"datePublished\":\"2021-12-04T07:43:05+00:00\",\"dateModified\":\"2026-04-07T11:45:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/gst-on-insurance-banking\\\/\"},\"wordCount\":818,\"image\":{\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/gst-on-insurance-banking\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/GST-on-Insurance-and-Banking.png\",\"keywords\":[\"goods &amp; 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