SAC code for insurance services.
Insurance services is classified under SAC code 9971 (Financial and related services). GST is 0%–18% depending on the exact product — the table below shows which notification entry covers what.
gst rates for insurance services
| gst | cgst + sgst | what it covers | entry |
|---|---|---|---|
| 0% | 0% + 0% | Services provided to the Central Government, State Government, Union territory under any insurance scheme for which total premium is paid by the Central Government, State Government, Union territory. | S.No 40)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services by the following persons in respective capacities – (a) business facilitator or a business correspondent to a banking company with respect to accounts in its rural area branch; (b) any person as an intermediary to a business facilitator or a business | S.No 39)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 39A Heading Services by an intermediary of financial services Nil Nil | S.No 39A)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services by way of— (a) extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services); (b) inter se sale or purchase of foreign currency amongst banks o | S.No 27)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 27A Heading Services provided by a banking company to Nil Nil | S.No 27A)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services of life insurance business provided by way of annuity under the National Pension System regulated by the Pension Fund Regulatory and Development Authority of India under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013). | S.No 28)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services of life insurance business provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds to members of the Army, Navy and Air Force, respectively, under the Group Insurance Schemes of the Central Government. | S.No 29)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 29A Heading Services of life insurance provided or agreed to be Nil Nil | S.No 29A)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 29B Heading Services of life insurance provided or agreed to Nil Nil | S.No 29B)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services by the Employees’ State Insurance Corporation to persons governed under the Employees’ State Insurance Act, 1948 (34 of 1948). | S.No 30)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services provided by the Employees Provident Fund Organisation to the persons governed under the Employees Provident Funds and the Miscellaneous Provisions Act, 1952 (19 of 1952). | S.No 31)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 31A Heading Services by Coal Mines Provident Fund Nil Nil 9971 Organisation to persons governed by the Coal or Mines Provident Fund and Miscellaneous Heading Provisions Act, 1948 (46 of 1948). 9991 | S.No 31A)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 31B Heading Services by National Pension System (NPS) Nil Nil | S.No 31B)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service. Explanation.— For the purposes of this e | S.No 34)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 34A Heading Services supplied by Central Government, State Nil Nil | S.No 34A)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services of general insurance business provided under following schemes – (a) Hut Insurance Scheme; (b) Cattle Insurance under Swarnajaynti Gram Swarozgar Yojna (earlier known as Integrated Rural Development Programme); (c) Scheme for Insurance of Tribals; (d) | S.No 35)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services of life insurance business provided under following schemes- (a) Janashree Bima Yojana; (b) Aam Aadmi Bima Yojana; (c) Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fi | S.No 36)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 36A Heading Services by way of reinsurance of the insurance Nil Nil | S.No 36A)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 36C Heading 9971 Services of life insurance business provided by an Nil Nil insurer to the insured, where the insured is not a group. [Please refer to clause (zfb) in para 2] Explanation: For the removal of doubts, it is hereby clarified that: a. This exemptio | S.No 36C)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 36D Heading 9971 Services of health insurance business provided by Nil Nil an insurer to the insured, where the insured is not a group. [Please refer to clause (zfb) in para 2] Explanation: For the removal of doubts, it is hereby clarified that: a. This exempt | S.No 36D)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | 36E Heading 9971 Reinsurance of the insurance services specified in Nil Nil | S.No 36E)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services by way of collection of contribution under the Atal Pension Yojana. | S.No 37)12/2017-Central Tax (Rate) as amended |
| 0% | 0% + 0% | Services by way of collection of contribution under any pension scheme of the State Governments. | S.No 38)12/2017-Central Tax (Rate) as amended |
| 5% | 2.5% + 2.5% | Third-party insurance of goods carriage | S.No 15 item (vi)11/2017-Central Tax (Rate) as amended by 15/2025-Central Tax (Rate) |
| 18% | 9% + 9% | Financial and related services other than the items above (banking, insurance, broking, fund management etc.) | S.No 15 item (vii)11/2017-Central Tax (Rate) as amended by 27/2018-Central Tax (Rate) |
source: 12/2017-Central Tax (Rate) as amended · effective 2017-07-01
what changed for insurance services
- 2019-01-01 → 2025-09-21: GST 12% (27/2018-Central Tax (Rate))
also searched as
banking servicesfinancial advisoryfinancial consultingfinancial intermediationfinancial planningfund managementinsurance brokerageinvestment adviceloan advisorymutual fund distributionportfolio managementstock brokeragewealth managementcredit rating services
more specific codes under 9971
- 997111Central banking services
- 997112Deposit services
- 997113Credit-granting services including stand-by commitment, guarantees and securities
- 997114Financial leasing services
- 997115Transfer of the right to use any goods for any purpose (whether or not for a specified per
- 997116Any transfer of right in goods or of undivided share in goods without the transfer of titl
- 997119Other financial services (except investment banking, insurance services and pension servic
- 997120Investment banking services
Not 100% sure this is your code?
Get it confirmed by a CA or customs expert before you invoice or import.
Full detail — official text, every sub-code and rate history — on the SAC 9971 code page → · chapter 99 — All Services
compiled from official CBIC sources · not tax advice — verify with your tax advisor before filing