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of <h1>GST Exemptions for Insurance: Key Exemptions for NPS, Military Funds, and Government-Backed Schemes Explained</h1> The various exemptions under GST for the insurance sector, including life and general insurance services. Key exemptions include services related to the National Pension System, insurance provided by military group funds, and specific government-backed insurance schemes. Reinsurance of these exempted schemes is also covered. The GST Council has regularized GST liabilities for certain past periods and clarified that reinsurance includes retrocession services. Definitions for insurance-related terms are provided as per specific regulations and acts. These exemptions aim to reduce the tax burden on essential insurance services, particularly those supported by government initiatives.
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