What will be the value of taxable supply and GST payable in each of the following independent cases in accordance with the provisions of CGST Act, 2017: (ii) LIC of India provides you the following information for the mo
CS Professional · Goods and Services Tax (GST) and Corporate Tax Planning · PYQS · June 2025
What will be the value of taxable supply and GST payable in each of the following independent cases in accordance with the provisions of CGST Act, 2017: (ii) LIC of India provides you the following information for the month of March 2025: Life micro-insurance policies where insured amount does not exceed ₹2,00,000 and premium collected ₹10,00,000. Premium collected ₹8,000 lakhs in variable insurance policies (80% of the amount is allocated for investment on behalf of policy-holder is given separate break up in premium receipts). Ignore GST calculation.
Answer & Explanation:
Answer 2(a)(ii) Particular Amount in lakhs Life micro-insurance policies Exempt Exempt vide entry 36 of Notification No. 12/2017-CT (Rate) Variable insurance policies The gross premium charged from a policy holder reduced by the amount allocated in investment, or savings on behalf of the policy holder, if such an amount is intimated to the policy at the time of supply of service (20% of ₹8000 lakhs) 1600 Total Taxable Value of Supply 1600
Topics: Goods and Services Tax (GST)
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