Service tax on insurance agents
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2013
Sir,
I have a query relating to the Service Tax on Insurance Agents.One of my Client gets his insurance Commission with a Deduction of 7.36% for Service Tax with a Declaration that The Company bears 5% of the part of the Whole Amount of Service Tax.My question is whether it is Correct or Not?
I have a query relating to the Service Tax on Insurance Agents.One of my Client gets his insurance Commission with a Deduction of 7.36% for Service Tax with a Declaration that The Company bears 5% of the part of the Whole Amount of Service Tax.My question is whether it is Correct or Not?
CA bhargava
(Expert)
21 February 2013
as per the provisions, negative list items and reverse charge mechanism., the company has to bear the 12.36%. but there are no clear cut provisions as who has to bear the entire service tax., so in the above situation the company is bearing 5% and the agent 7.36%., we have to wait until any judgement or any circular in this regard has to be relased
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