{"id":16157,"date":"2021-05-14T10:32:30","date_gmt":"2021-05-14T05:02:30","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=16157"},"modified":"2024-06-03T14:31:00","modified_gmt":"2024-06-03T09:01:00","slug":"impact-of-gst-on-insurance-and-banking","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/","title":{"rendered":"Impact of GST on Insurance and Banking"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Life is unpredictable and full of uncertainties and no one knows when something unfortunate happens. Such unpredictable circumstances also bring with it several legal and financial issues that one has to face in case there is no insurance policy. People prefer to have different types of insurance policies be it health, home, vehicle, business, personal accident insurance and even life insurance. This means they would have to pay multiple premiums for each policy separately. With the implementation of the Goods and Service Tax in India, the amount paid as insurance premium for these policies has also been affected. This article explains the<a href=\"https:\/\/www.cagmc.com\/impact-of-gst-on-insurance-and-banking\/\"> impact of GST<\/a> on insurance premiums and Banking Sector.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #d2d2d2;\"><strong>Contents<\/strong><\/p>\n<ul type=\"1\">\n<li><a href=\"#life\">Life Insurance and Health Insurance<\/a><\/li>\n<li><a href=\"#general\">General Insurance<\/a><\/li>\n<li><a href=\"#banking\">Banking<\/a><\/li>\n<li><a href=\"#companies\">Banking companies<\/a><\/li>\n<li><a href=\"#conclusion\">Conclusion<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"text-align: justify;\"><b><i>Insurance<\/i><\/b><\/h2>\n<h3 id=\"life\"><b>A. Life Insurance and Health Insurance:<\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">There are three types of life and health insurance policies. These are as follows:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>Term insurance plans<\/i><\/b><b>&#8211;<\/b><span style=\"font-weight: 400;\"> These are basic life insurance policies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>ULIP(Unit linked insurance plan)<\/i><\/b><b>\u2013<\/b><span style=\"font-weight: 400;\">\u00a0 It is a multi-faceted life insurance plan under a single integrated\u00a0plan that requires a policyholder to make regular payments and a part of which is used to provide life insurance coverage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>Endowments (including money-back)<\/i><\/b><b>&#8211;<\/b><span style=\"font-weight: 400;\"> It is a life insurance policy that pay a lump sum on maturity\/death or a fixed sum every month (sort of like a pension)<\/span><\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-16159 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Service tax applicability was different on each type of plan \u2013\u00a0For example, ICICI Prudential Life Insurance applied service tax at the following rates:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Category<\/b><\/td>\n<td><b>Service Tax With SBC And KKC<\/b><\/td>\n<td><b>After GST<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Term insurance premium<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">ULIP charges<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Health insurance premium<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The above rates are replaced by 18% due to which there is an increase in premiums.\u00a0In relation to life insurance business, the value of supply of services shall be:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a) The gross premium\u00a0less\u00a0the quantity allocated for investment, or savings on behalf of the policyholder, if such quantity is informed to the policyholder.\u00a0For instance,<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Particulars<\/b><\/td>\n<td><b> Service Tax<\/b><\/td>\n<td><b> GST<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Gross Premium<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Investment Portion<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1200<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1200<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Life Insurance portion<\/span><\/td>\n<td><span style=\"font-weight: 400;\">800<\/span><\/td>\n<td><span style=\"font-weight: 400;\">800<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Service tax @ 15% on 800<\/span><\/td>\n<td><span style=\"font-weight: 400;\">120<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u2014\u2013<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">GST @18% on 800<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u2014\u2013<\/span><\/td>\n<td><span style=\"font-weight: 400;\">144<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">b) Single premium annuity policies- 10% of the premium\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">c) All alternative cases- 25% for 1st\u00a0year and 12.5% for 2nd\u00a0year forward on the premium charged.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Gross Premium per annum<\/span><\/p>\n<\/td>\n<td><span style=\"font-weight: 400;\">2000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1st\u00a0Year<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">25% of value<\/span><\/td>\n<td><span style=\"font-weight: 400;\">500<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">GST @18% on 500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">90<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2nd\u00a0year<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">12.5% of value<\/span><\/td>\n<td><span style=\"font-weight: 400;\">250<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">GST @18% on 250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">d) If the whole premium is for life insurance, GST @18% are applicable on the whole premium. Both existing and new policyholders can face an\u00a0increment within the premium amounts because of increase in tax rates.\u00a0For insurers, the increase in taxes is passed on to the customers. The insurers expect higher compliance and administrative costs because of the increased range of GST returns and also effect of taxability of inter-branch services.<\/span><\/p>\n<h3 id=\"general\"><b>B. General Insurance<\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It contains fire insurance, marine insurance, car insurance, theft insurance, etc. The GST rate that applicable on general insurance is 18%. \u00a0Corporate policyholders can enjoy<a href=\"https:\/\/cleartax.in\/s\/what-is-input-credit-and-how-to-claim-it\" target=\"_blank\" rel=\"noopener\"> input tax credit (ITC)<\/a> on the GST paid on their general insurance policies (it was available to them even under service tax).\u00a0For policyholders, the general insurance premium has increased as tax has increased from 15 to 18%.Life and health insurers will not get input tax credit because it is not available for life and health insurances for personal purposes.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Life insurance provided by Government schemes are exempted from GST:<\/span><\/p>\n<ol style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Janashree Bima Yojana (JBY)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Aam Aadmi Bima Yojana (AABY)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum cover of Rs. 50,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Varishtha Pension BimaYojana<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pradhan Mantri Jeevan Jyoti BimaYojana<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pradhan Mantri Jan Dhan Yogana<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pradhan Mantri Vaya Vandan Yojana<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Life insurance provided by Central Government to members of the Army, Navy and Air Force.<\/span><\/li>\n<\/ol>\n<h2 id=\"banking\" style=\"text-align: justify;\"><b><i>Banking<\/i><\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Under Service Tax, the applicable rate was 15% on banking services which increased to 18% under GST. Like insurance, banking services has become more expensive to the customers due to rise in tax rates.\u00a0In most of the banks, they have started applying transaction charges on cash withdrawals from different bank ATMs, cash withdrawals from branch (first 5 for both are free). All these attracted 15% under service tax which raised to 18% under GST regime.<\/span><\/p>\n<h3 id=\"companies\" style=\"text-align: justify;\"><b><i>Banking Companies<\/i><\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Banking companies will pass on the tax liability to their customers but their administrative and compliance work will rise tremendously. Branches give services to each other\u00a0 which will be taxable under GST (they can later claim input tax credit). Due to this, the paperwork will increase and therefore the operating costs.\u00a0Good news for business consumers as they can now claim input tax credit on the banking services paid on their business accounts.<\/span><\/p>\n<p id=\"conclusion\" style=\"text-align: justify;\"><i><span style=\"font-weight: 400;\">\u00a0<\/span><\/i><b><i>Conclusion<\/i><\/b><i><span style=\"font-weight: 400;\">\u00a0<\/span><\/i><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">All policyholders will have face higher premiums on their insurance due to increment in GST rates. A middle class family with life, health and car insurance will find an increment of 3% on their insurance expenses. Assuming they spend a total of Rs. 10,000 per year on insurance excluding service tax their expenses will increase by 3% i.e., Rs. 300.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Life is unpredictable and full of uncertainties and no one knows when something unfortunate happens. Such unpredictable circumstances also bring [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":16159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[71],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Impact of GST on Insurance and Banking - Goyal Mangal &amp; Company<\/title>\n<meta name=\"description\" content=\"This article explains the impact of GST on insurance premiums and Banking Sector .Due GST, amount paid as insurance premium for policies has also affected.\" \/>\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.cagmc.com\/blog\/impact-of-gst-on-insurance-and-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 - Goyal Mangal &amp; Company\" \/>\n<meta property=\"og:description\" content=\"This article explains the impact of GST on insurance premiums and Banking Sector .Due GST, amount paid as insurance premium for policies has also affected.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/\" \/>\n<meta property=\"og:site_name\" content=\"Goyal Mangal &amp; Company\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goyalmangal\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-14T05:02:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-03T09:01:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Aayushi Saraf\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayushi Saraf\" \/>\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.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/\"},\"author\":{\"name\":\"Aayushi Saraf\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/#\/schema\/person\/8fcfe760d0c924d29db298d362999be0\"},\"headline\":\"Impact of GST on Insurance and Banking\",\"datePublished\":\"2021-05-14T05:02:30+00:00\",\"dateModified\":\"2024-06-03T09:01:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/\"},\"wordCount\":832,\"publisher\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png\",\"articleSection\":[\"GST\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/\",\"url\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/\",\"name\":\"Impact of GST on Insurance and Banking - Goyal Mangal &amp; Company\",\"isPartOf\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png\",\"datePublished\":\"2021-05-14T05:02:30+00:00\",\"dateModified\":\"2024-06-03T09:01:00+00:00\",\"description\":\"This article explains the impact of GST on insurance premiums and Banking Sector .Due GST, amount paid as insurance premium for policies has also affected.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage\",\"url\":\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png\",\"contentUrl\":\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png\",\"width\":1200,\"height\":630},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.cagmc.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Impact of GST on Insurance and Banking\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/#website\",\"url\":\"https:\/\/www.cagmc.com\/blog\/\",\"name\":\"Goyal Mangal &amp; Company\",\"description\":\"Best CA Firm in Jaipur\",\"publisher\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.cagmc.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/#organization\",\"name\":\"Goyal Mangal & Company\",\"url\":\"https:\/\/www.cagmc.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.cagmc.com\/wp-content\/uploads\/2020\/01\/logo4.png\",\"contentUrl\":\"https:\/\/www.cagmc.com\/wp-content\/uploads\/2020\/01\/logo4.png\",\"width\":673,\"height\":145,\"caption\":\"Goyal Mangal & Company\"},\"image\":{\"@id\":\"https:\/\/www.cagmc.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/goyalmangal\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/#\/schema\/person\/8fcfe760d0c924d29db298d362999be0\",\"name\":\"Aayushi Saraf\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cagmc.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/10482cc1c02b9bcf7b38c9088ed38699?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/10482cc1c02b9bcf7b38c9088ed38699?s=96&d=mm&r=g\",\"caption\":\"Aayushi Saraf\"},\"description\":\"Aayushi Saraf is CA Finalist and doing articleship in Goyal Mangal &amp; Company. She passed her 12 th with flying colors and cleared her CA Intermediate in 1 st Attempt with exemption in 3 subjects. She posse\u2019s good command in accounts as well as in Audit. She has good organizational skills including the ability to multi-task and prioritize. She is good in public speaking and believes in teamwork and also posse\u2019s leadership qualities.\",\"url\":\"https:\/\/www.cagmc.com\/blog\/author\/aayushisaraf\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Impact of GST on Insurance and Banking - Goyal Mangal &amp; Company","description":"This article explains the impact of GST on insurance premiums and Banking Sector .Due GST, amount paid as insurance premium for policies has also affected.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/","og_locale":"en_US","og_type":"article","og_title":"Impact of GST on Insurance and Banking - Goyal Mangal &amp; Company","og_description":"This article explains the impact of GST on insurance premiums and Banking Sector .Due GST, amount paid as insurance premium for policies has also affected.","og_url":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/","og_site_name":"Goyal Mangal &amp; Company","article_publisher":"https:\/\/www.facebook.com\/goyalmangal","article_published_time":"2021-05-14T05:02:30+00:00","article_modified_time":"2024-06-03T09:01:00+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png","type":"image\/png"}],"author":"Aayushi Saraf","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Aayushi Saraf","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#article","isPartOf":{"@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/"},"author":{"name":"Aayushi Saraf","@id":"https:\/\/www.cagmc.com\/blog\/#\/schema\/person\/8fcfe760d0c924d29db298d362999be0"},"headline":"Impact of GST on Insurance and Banking","datePublished":"2021-05-14T05:02:30+00:00","dateModified":"2024-06-03T09:01:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/"},"wordCount":832,"publisher":{"@id":"https:\/\/www.cagmc.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png","articleSection":["GST"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/","url":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/","name":"Impact of GST on Insurance and Banking - Goyal Mangal &amp; Company","isPartOf":{"@id":"https:\/\/www.cagmc.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage"},"image":{"@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png","datePublished":"2021-05-14T05:02:30+00:00","dateModified":"2024-06-03T09:01:00+00:00","description":"This article explains the impact of GST on insurance premiums and Banking Sector .Due GST, amount paid as insurance premium for policies has also affected.","breadcrumb":{"@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#primaryimage","url":"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png","contentUrl":"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/05\/ogi.png","width":1200,"height":630},{"@type":"BreadcrumbList","@id":"https:\/\/www.cagmc.com\/blog\/impact-of-gst-on-insurance-and-banking\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cagmc.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Impact of GST on Insurance and Banking"}]},{"@type":"WebSite","@id":"https:\/\/www.cagmc.com\/blog\/#website","url":"https:\/\/www.cagmc.com\/blog\/","name":"Goyal Mangal &amp; Company","description":"Best CA Firm in Jaipur","publisher":{"@id":"https:\/\/www.cagmc.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cagmc.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.cagmc.com\/blog\/#organization","name":"Goyal Mangal & Company","url":"https:\/\/www.cagmc.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cagmc.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.cagmc.com\/wp-content\/uploads\/2020\/01\/logo4.png","contentUrl":"https:\/\/www.cagmc.com\/wp-content\/uploads\/2020\/01\/logo4.png","width":673,"height":145,"caption":"Goyal Mangal & Company"},"image":{"@id":"https:\/\/www.cagmc.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/goyalmangal"]},{"@type":"Person","@id":"https:\/\/www.cagmc.com\/blog\/#\/schema\/person\/8fcfe760d0c924d29db298d362999be0","name":"Aayushi Saraf","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cagmc.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/10482cc1c02b9bcf7b38c9088ed38699?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/10482cc1c02b9bcf7b38c9088ed38699?s=96&d=mm&r=g","caption":"Aayushi Saraf"},"description":"Aayushi Saraf is CA Finalist and doing articleship in Goyal Mangal &amp; Company. She passed her 12 th with flying colors and cleared her CA Intermediate in 1 st Attempt with exemption in 3 subjects. She posse\u2019s good command in accounts as well as in Audit. She has good organizational skills including the ability to multi-task and prioritize. She is good in public speaking and believes in teamwork and also posse\u2019s leadership qualities.","url":"https:\/\/www.cagmc.com\/blog\/author\/aayushisaraf\/"}]}},"_links":{"self":[{"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/posts\/16157"}],"collection":[{"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/comments?post=16157"}],"version-history":[{"count":5,"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/posts\/16157\/revisions"}],"predecessor-version":[{"id":52238,"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/posts\/16157\/revisions\/52238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/media\/16159"}],"wp:attachment":[{"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/media?parent=16157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/categories?post=16157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cagmc.com\/blog\/wp-json\/wp\/v2\/tags?post=16157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}