Service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 April 2015
service tax Is applicable on insurance brokers company yes or no Please tell me
06 April 2015
Yes. It is a taxable service.
However, your liability to pay Service Tax occurs only when your Value of Services exceeds Rs. 10 Lacs. But you will have to intimate your jursidictional CBEC oficer upon the value exceeds Rs. 9 Lacs in a Financial Year.
However, your liability to pay Service Tax occurs only when your Value of Services exceeds Rs. 10 Lacs. But you will have to intimate your jursidictional CBEC oficer upon the value exceeds Rs. 9 Lacs in a Financial Year.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
06 April 2015
As Insurance brokers received renummeration from insurance companies the service tax liability will be of insurance company then why insurance broker have to registered himself in service tax kindly explain in detail
06 April 2015
Oh. You should have given he details in full. Here in this case, the insurance company is the person responsible to pay Service Tax on Reverse Charge Mechanism (Notification 30/2012). You need not pay anything. However, it is your duty to file the half-yearly returns. As a compliance measure, you should obtain registration as there is no specific exemption applicable to you. Also, I invite your attention to my earlier comment.
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