4 min read
Updated on Aug 28, 2023
We already know that non-resident Indians (NRIs) can get a refund of GST on health insurance if they buy the policy from India. But what makes them eligible for such refunds? NRIs pay taxes in the country they work and live in; hence, they get tax exemptions in India. However, it is important for an NRI policy buyer to consciously opt for a refund of GST while buying the policy from an insurer in India.
Hence, it is necessary for NRIs to make the premium payment of their health insurance plan by using an NRE account. Also, they must pay annual health insurance premiums to avail GST refund.
To get a GST refund/GST Waiver on a health insurance policy bought from an insurer in India, an NRI has to follow the steps below:
It is essential to file the documents properly because the insurance provider will authenticate the documents, and if any wrong information is detected, the refund of GST on the health insurance policy request may be rejected.
Below are the documents that an NRI would be required to submit to the insurer to get a GST refund on health insurance:
However, the documents that an NRI is required to submit for a GST refund on health insurance may vary from one insurance provider to another.
To Sum Up
NRIs are required to pay income tax in the country of their residence abroad. Hence, it is not very easy for them to pay GST on health insurance premiums in India too. Thus, the Indian government allows them the deduction in GST for health insurance. With the option of a GST refund, they can claim 18% of the GST amount on their policy.
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The premium paid on a medical insurance policy attracts a GST of 18%.
The GST rate on health insurance premiums is 18%.
GST is not applicable on the claim amount since the insurance company only reimburses the actual loss the insured suffered.
The GST rate on health insurance premiums is 18% under the HSN code 997133, like any other insurance scheme.
NRIs are allowed to claim a deduction for the premium paid for health insurance. This deduction is available up to Rs 25,000 in the case of insurance of self, spouse, and dependent children.
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