Is GST paid on term insurance premium eligible for 80C?
The term 'sum paid' is wide enough to include the annuity, charges levied by the insurer and the taxes that have been levied on the quantum of annuity paid. Thus, the GST paid on the instalment can be claimed as deduction under 80C.
Can we claim GST on insurance premium?
You can claim the entire sum paid as part of the health or life insurance premium. This sum will include GST as well. So, if your total life insurance premium for the year was Rs. 1.5 lakhs including GST, you can claim the entire amount as a deduction under section 80C.
What is the GST on LIC?
LIC's Term Insurance Plans - The applicable GST rate is 18% on LIC's term plans. Therefore, if you are charged an annual premium of 10,000 for a term insurance policy, Rs. 1800 will go towards GST. LIC's ULIPs - With ULIPs, GST is not charged on the portion of premiums paid towards investments.
Is GST on LIC tax free?
In case of life insurance, you can claim a deduction against GST paid on the premium, given that it is within the overall limit of ₹1.5 lakh available under Section 80C. Similar to health insurance, in a term plan, GST at the rate of 18% is levied on the entire premium of the policy.
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