Before opting for any insurance policy, one must be aware and understand how much GST is applicable and whether the GST paid qualifies for getting tax benefits.
Moreover, one must take into account that, "Section 80C and Section 80D of Income Tax Act entitles specified taxpayers to claim deduction for the whole amount paid to the insurer for specified insurance schemes. GST (being an indirect tax) is charged or recovered by the supplier of services from the recipient with the actual value of service. Hence, a collective reading of income tax and GST laws would echo the paid amount to the insurer including applicable GST (that would be allowed as a deduction).”
For Health Insurance
As per the prevailing regulations, about 18% GST is charged on the premium paid for Health Insurance. Under Section 80D of the Income Tax Act, the tax benefit can be claimed for the payment made for health insurance policies.
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Denne historien er fra September 2019-utgaven av SME World.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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