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Category | GST Rate |
---|---|
Two-wheelers with an Engine Capacity of over 350cc | 31% |
Two-wheelers with Engine Capacity below 350cc | 28% |
Two-wheeler insurance policy | 18% |
Clutch Cable, Gauge Oil Level, and Brake Pads | 28% |
Battery Charging, Consumables, and Lubricants | 18% |
According to the current taxation rules, the bike insurance GST rate is set at 18%. In simple words, bike owners paying a bike insurance policy premium must pay an additional GST of 18%. Formerly, before the GST era, the taxation structure for bike insurance comprised VAT (Value Added Tax), CST (Central Sales Tax), excise duty, etc. All these combined together to make a tax rate of 15% on two wheeler insurance. Considering that, whether the owner purchases a comprehensive insurance cover or a third-party insurance plan, the payable premium amount on bike insurance has become higher.
The IRDAI (Insurance Regulatory and Development Authority of India) determines and caps the price of third-party two wheeler insurance. Those planning to purchase a new bike with savings or two wheeler finance must visit the authority’s website and know the latest insurance rates.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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