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<!-- Generated for DFIN - http://www.dfinsolutions.com/ - Version MF R2.0 - on 30-July-2021 [10:02:36] {PM}-->
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<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
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<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ProspectusTable" xlink:label="loc_rr_ProspectusTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ProspectusTable" xml:lang="en-US">Prospectus:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ProspectusTable" xlink:to="lab_rr_ProspectusTable" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentInformationDocumentAxis" xlink:label="loc_dei_DocumentInformationDocumentAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationDocumentAxis" xml:lang="en-US">Document [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationDocumentAxis" xlink:to="lab_dei_DocumentInformationDocumentAxis" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentDomain" xlink:label="loc_dei_DocumentDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentDomain" xml:lang="en-US">Prospectus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentDomain" xlink:to="lab_dei_DocumentDomain" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_CoregistrantAxis" xlink:label="loc_rr_CoregistrantAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_CoregistrantAxis" xml:lang="en-US">Coregistrant [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_CoregistrantAxis" xlink:to="lab_rr_CoregistrantAxis" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_CoregistrantDomain" xlink:label="loc_rr_CoregistrantDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_CoregistrantDomain" xml:lang="en-US">Coregistrant [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_CoregistrantDomain" xlink:to="lab_rr_CoregistrantDomain" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_LegalEntityAxis" xml:lang="en-US">Series [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityDomain" xml:lang="en-US">Series</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ProspectusShareClassAxis" xlink:label="loc_rr_ProspectusShareClassAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ProspectusShareClassAxis" xml:lang="en-US">Share Class [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ProspectusShareClassAxis" xlink:to="lab_rr_ProspectusShareClassAxis" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ShareClassDomain" xlink:label="loc_rr_ShareClassDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ShareClassDomain" xml:lang="en-US">Share Classes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ShareClassDomain" xlink:to="lab_rr_ShareClassDomain" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ProspectusLineItems" xlink:label="loc_rr_ProspectusLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ProspectusLineItems" xml:lang="en-US">Prospectus [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ProspectusLineItems" xlink:to="lab_rr_ProspectusLineItems" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_RiskReturnAbstract" xlink:label="loc_rr_RiskReturnAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_RiskReturnAbstract" xml:lang="en-US">Risk/Return:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_RiskReturnAbstract" xlink:to="lab_rr_RiskReturnAbstract" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Registrant Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentCreationDate" xlink:label="loc_dei_DocumentCreationDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentCreationDate" xml:lang="en-US">Document Creation Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentCreationDate" xlink:to="lab_dei_DocumentCreationDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentEffectiveDate" xlink:label="loc_dei_DocumentEffectiveDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentEffectiveDate" xml:lang="en-US">Document Effective Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentEffectiveDate" xlink:to="lab_dei_DocumentEffectiveDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ProspectusDate" xlink:label="loc_rr_ProspectusDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ProspectusDate" xml:lang="en-US">Prospectus Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ProspectusDate" xlink:to="lab_rr_ProspectusDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInvCompanyType" xlink:label="loc_dei_EntityInvCompanyType" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityInvCompanyType" xml:lang="en-US">Entity Inv Company Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInvCompanyType" xlink:to="lab_dei_EntityInvCompanyType" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_PerformanceMeasureAxis" xlink:label="loc_rr_PerformanceMeasureAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_PerformanceMeasureAxis" xml:lang="en-US">Performance Measure [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_PerformanceMeasureAxis" xlink:to="lab_rr_PerformanceMeasureAxis" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_PerformanceMeasureDomain" xlink:label="loc_rr_PerformanceMeasureDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_PerformanceMeasureDomain" xml:lang="en-US">Before Taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_PerformanceMeasureDomain" xlink:to="lab_rr_PerformanceMeasureDomain" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_AfterTaxesOnDistributionsMember" xlink:label="loc_rr_AfterTaxesOnDistributionsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_AfterTaxesOnDistributionsMember" xml:lang="en-US">After Taxes on Distributions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_AfterTaxesOnDistributionsMember" xlink:to="lab_rr_AfterTaxesOnDistributionsMember" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_AfterTaxesOnDistributionsAndSalesMember" xlink:label="loc_rr_AfterTaxesOnDistributionsAndSalesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_AfterTaxesOnDistributionsAndSalesMember" xml:lang="en-US">After Taxes on Distributions and Sales</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_AfterTaxesOnDistributionsAndSalesMember" xlink:to="lab_rr_AfterTaxesOnDistributionsAndSalesMember" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ShareholderFeesTableTextBlock" xlink:label="loc_rr_ShareholderFeesTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ShareholderFeesTableTextBlock" xml:lang="en-US">Shareholder Fees [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ShareholderFeesTableTextBlock" xlink:to="lab_rr_ShareholderFeesTableTextBlock" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_AnnualFundOperatingExpensesTableTextBlock" xlink:label="loc_rr_AnnualFundOperatingExpensesTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_AnnualFundOperatingExpensesTableTextBlock" xml:lang="en-US">Annual Fund Operating Expenses [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_AnnualFundOperatingExpensesTableTextBlock" xlink:to="lab_rr_AnnualFundOperatingExpensesTableTextBlock" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ExpenseExampleWithRedemptionTableTextBlock" xlink:label="loc_rr_ExpenseExampleWithRedemptionTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ExpenseExampleWithRedemptionTableTextBlock" xml:lang="en-US">Expense Example, With Redemption [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ExpenseExampleWithRedemptionTableTextBlock" xlink:to="lab_rr_ExpenseExampleWithRedemptionTableTextBlock" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_ExpenseExampleNoRedemptionTableTextBlock" xlink:label="loc_rr_ExpenseExampleNoRedemptionTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_ExpenseExampleNoRedemptionTableTextBlock" xml:lang="en-US">Expense Example, No Redemption [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_ExpenseExampleNoRedemptionTableTextBlock" xlink:to="lab_rr_ExpenseExampleNoRedemptionTableTextBlock" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_BarChartTableTextBlock" xlink:label="loc_rr_BarChartTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_BarChartTableTextBlock" xml:lang="en-US">Bar Chart [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_BarChartTableTextBlock" xlink:to="lab_rr_BarChartTableTextBlock" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_PerformanceTableTextBlock" xlink:label="loc_rr_PerformanceTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_PerformanceTableTextBlock" xml:lang="en-US">Performance [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_PerformanceTableTextBlock" xlink:to="lab_rr_PerformanceTableTextBlock" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/rr/2018/rr-2018-01-31.xsd#rr_SupplementToProspectusTextBlock" xlink:label="loc_rr_SupplementToProspectusTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_rr_SupplementToProspectusTextBlock" xml:lang="en-US">Supplement to Prospectus [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rr_SupplementToProspectusTextBlock" xlink:to="lab_rr_SupplementToProspectusTextBlock" />
<loc xlink:type="locator" xlink:href="gsvit-20210730.xsd#gsvit_S000009353Member" xlink:label="loc_gsvit_S000009353Member" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_gsvit_S000009353Member" xml:lang="en-US">S000009353 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_gsvit_S000009353Member" xml:lang="en-US">Goldman Sachs Core Fixed Income Fund</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_gsvit_S000009353Member" xlink:to="lab_gsvit_S000009353Member" />
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