Insurance HSN Codes and HS Codes List with GST Rates
The GST rate on insurance depends on the type of insurance policy and applicable GST provisions. Health insurance, life insurance, motor insurance, and other general insurance services are classified as services and use SAC codes rather than HSN codes. The insurance GST rate, policy type, premium, and applicable tax rules are important when calculating GST on insurance premiums.
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HSN Code & GST Rate List for Insurance
Showing 37 of 37 HS codes| HSN Code | Description | HS Code | Description | GST% |
|---|---|---|---|---|
| 9971 | Financial and related services, covering insurance, pension, reinsurance and the support work that goes with them | 997131 | Pension services — running and servicing pension plans for members | 18% |
| 997132 | Life insurance — term plans, endowment plans, ULIPs, money-back and whole life cover, excluding reinsurance | Nil | ||
| 997133 | Accident and health insurance — mediclaim, family floater, senior citizen plans, critical illness and personal accident cover | Nil | ||
| 997134 | Motor insurance — car, bike, commercial vehicle, own-damage, third-party and comprehensive cover | 18% | ||
| 997135 | Marine, aviation and other transport insurance — cover for ships, aircraft and transport assets | 18% | ||
| 997136 | Freight insurance and travel insurance — cover for goods in transit and for domestic or overseas trips | 18% | ||
| 997137 | Other property insurance — fire, burglary, home, shop and factory building cover | 18% | ||
| 997139 | Any other non-life insurance not listed above, such as liability, crop and engineering cover, excluding reinsurance | 18% | ||
| 9971 | Reinsurance services, where one insurance company passes part of its risk to another insurance company | 997141 | Life reinsurance — risk sharing on life insurance portfolios | Nil |
| 997142 | Accident and health reinsurance — risk sharing on health and personal accident portfolios | Nil | ||
| 997143 | Motor vehicle reinsurance — risk sharing on motor insurance portfolios | 18% | ||
| 997144 | Marine, aviation and other transport reinsurance | 18% | ||
| 997145 | Freight reinsurance — risk sharing on goods-in-transit cover | 18% | ||
| 997146 | Other property reinsurance — risk sharing on fire, home and building cover | 18% | ||
| 997149 | Any other non-life reinsurance not covered above | 18% | ||
| 9971 | Support services provided to insurance and pension businesses on a fee or commission basis | 997161 | Insurance brokerage and agency services — commission earned by agents, brokers and corporate agents | 18% |
| 997162 | Insurance claims adjustment — surveyor, loss assessor and claim settlement services | 18% | ||
| 997163 | Actuarial services — risk pricing, valuation and statistical work for insurers | 18% | ||
| 997164 | Pension fund management services, other than social security schemes | 18% | ||
| 997169 | Any other support service for insurance and pension business not listed above | 18% | ||
| 9971 | Banking, investment, brokerage and asset-holding services that sit under the same heading as insurance | 997111 | Central banking services | 18% |
| 997112 | Deposit services offered by banks and financial institutions | 18% | ||
| 997113 | Credit-granting services such as loans and advances | 18% | ||
| 997114 | Financial leasing, where the customer effectively buys the asset over the lease period | Same as the asset rate | ||
| 997119 | Other financial services not covered above | 18% | ||
| 997120 | Investment banking services | 18% | ||
| 997151 | Advisory on mergers, acquisitions, corporate finance and venture capital | 18% | ||
| 997152 | Brokerage in securities and commodities, including exchange services | 18% | ||
| 997153 | Portfolio management, other than pension funds | 18% | ||
| 997154 | Trust and custody services for financial assets | 18% | ||
| 997155 | Administration and running of financial markets | 18% | ||
| 997156 | Regulatory services for financial markets | 18% | ||
| 997157 | Foreign exchange and currency conversion services | 18% | ||
| 997158 | Financial transaction processing and clearing house services | 18% | ||
| 997159 | Other services supporting financial activity | 18% | ||
| 997171 | Holding equity of subsidiary companies | 18% | ||
| 997172 | Holding securities and assets of trusts, funds and similar entities | 18% |
Disclaimer: The GST rates and HSN codes listed above are compiled from the latest CBIC notifications and NIC's GST e-Invoice system master codes, to the best of our knowledge. Rates are subject to change based on the Government of India and GST Council updates. RegisterKaro is not liable for any discrepancies or decisions made based on this information. For the most accurate and updated "16th October 2020" of GST and cess rates, please visit the official CBIC website. Need help with GST registration or filing? Talk to a RegisterKaro expert.
Correct HSN Code helps insurers, businesses, and policyholders understand the tax treatment of health insurance, life insurance, and motor insurance under GST.
Related HSN Code Pages
Frequently Asked Questions
Everything you need to know about the HSN code and GST rate for Insurance.
SAC code 996511 is used for road transport services of goods, including the transportation of parcels, live animals, furniture, containers, and other goods by trucks, trailers, refrigerated vehicles, or similar vehicles. Since this is a service, 996511 is a SAC code rather than an HSN code. The GST rate can depend on the type of transport service and the applicable tax option.
