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Health Insurance attracts 18% GST under SAC code 997131. Calculate the exact tax below.
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Health Insurance is classified under SAC code 997131 for GST purposes. The Services Accounting Code (SAC) is used to classify services under GST. This code must be mentioned on GST invoices when billing for health insurance.
Health insurance premiums attract 18% GST since July 2017. The 55th GST Council (December 2024) proposed reducing GST on health insurance, discussions are ongoing.
Yes, input tax credit (ITC) is available on health insurance for registered businesses. If you purchase health insurance for business purposes, the GST paid (18%) can be claimed as ITC against your output tax liability, subject to conditions under Section 16 of the CGST Act.
Here are example calculations showing GST on health insurance at 18% for common price points:
| Base Price | GST (18%) | CGST (9%) | SGST (9%) | Total |
|---|---|---|---|---|
| ₹5,000 | ₹900 | ₹450 | ₹450 | ₹5,900 |
| ₹10,000 | ₹1,800 | ₹900 | ₹900 | ₹11,800 |
| ₹25,000 | ₹4,500 | ₹2,250 | ₹2,250 | ₹29,500 |
| ₹50,000 | ₹9,000 | ₹4,500 | ₹4,500 | ₹59,000 |
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Other items at 18% GST:
Health Insurance attracts 18% GST in India under SAC code 997131. For intra-state sales, this is split into 9% CGST and 9% SGST. For inter-state sales, 18% IGST applies.
The SAC code for Health Insurance is 997131. SAC (Services Accounting Code) is used to classify services under GST. This code should be mentioned on all GST invoices.
To add 18% GST on health insurance: GST Amount = Base Price × 18/100. Total = Base Price + GST Amount. For example, on ₹10,000: GST = ₹1,800, Total = ₹11,800.
Yes, registered businesses can claim input tax credit on health insurance purchased for business purposes. The 18% GST paid can be offset against your output GST liability, subject to Section 16 conditions of the CGST Act.
Health insurance premiums attract 18% GST since July 2017. The 55th GST Council (December 2024) proposed reducing GST on health insurance, discussions are ongoing.