997135
Motor vehicle insurance services
Tax Calculator for 997135
E-Way Bill Rules
For motor vehicle insurance services, the E-Way Bill threshold is ₹50,000. Since the rate is 0%, you must generate a bill if the Taxable Value exceeds ₹50,000.
Example Calculation
- Base Value: ₹50,000
- + GST (0%): ₹0
- Total Invoice: ~₹50,000
Invoice Example
Breakdown for a sample invoice value of ₹1,000:
Can I claim ITC?
Yes, if used for business. This reduces your final cash liability.
Input Tax Credit (ITC) Logic
Compliance & Validation
HSN 997135 falls under Chapter 99. It is mandatory to mention this code on invoices if your annual turnover exceeds ₹5 Crore. For turnover below ₹5 Crore, mentioning the 4-digit code (9971) is sufficient for B2B invoices.
Ensure that you charge 0% CGST and 0% SGST for intra-state supplies of motor vehicle insurance services. For inter-state supplies, the full 0% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 997135?
The GST rate for HSN Code 997135 (Motor vehicle insurance services) is 0%.
Q: Is HSN 997135 eligible for Input Tax Credit (ITC)?
ITC availability is classified as 'eligible'. Generally, businesses can claim ITC unless used for personal consumption or blocked under Section 17(5).
Q: How to calculate GST amount for Motor vehicle insurance services?
Multiply the taxable value by 0. For ₹1000 value, GST is ₹0.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.
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