How to calculate service tax on life insurance premium?
This query is : Resolved
12 April 2012
Dear Experts,
As service Tax is revised for FY 12-13 in currect Union Budget, please let me know how Life Insurance Cos. calculte Service Tax on premium of Protection Plans (Term Plan), Traditional Plans (Endowment & Money Back Plans) and ULIP Plans?
Thank You.
As service Tax is revised for FY 12-13 in currect Union Budget, please let me know how Life Insurance Cos. calculte Service Tax on premium of Protection Plans (Term Plan), Traditional Plans (Endowment & Money Back Plans) and ULIP Plans?
Thank You.
13 April 2012
Please advise which insurance company you are referring to.
Else, generally the service tax with cess is calculated on the premium that is being paid.
Else, generally the service tax with cess is calculated on the premium that is being paid.
16 April 2012
Dear Mr. Dsouza,
I was referring to Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
But i think service tax calcultion norms should be same for all Life Insurance Companies and only the product category e.g. Protection Plans, Conventional Plans or ULIP Plans, can make a difference in Service Tax Calculation method.
Please Suggest.
Thanking You.
I was referring to Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
But i think service tax calcultion norms should be same for all Life Insurance Companies and only the product category e.g. Protection Plans, Conventional Plans or ULIP Plans, can make a difference in Service Tax Calculation method.
Please Suggest.
Thanking You.
16 April 2012
It is 12.36% including cess on the premium being paid currently and is ideally the same norm for all cos.
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