Service tax on insurance premium

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2015 Dear sir,

My insurance company (LIC OF INDIA) STARTED COLLECTING SERVICE TAX AMOUNT TOGETHER WITH THE NEW POLICY PREMIUM PAID BY ME. BUT IN THE STATEMENT GIVEN TO ME FOR THE FINANCIAL YEAR DOESN'T SHOWS THE SERVICE TAX PORTION. KINDLY ADVICE WHY THEY HAVE STARTED COLLECTING SERVICE TAX FROM MY SIDE(I HAVE AN ANOTHER LIC POLICY FOR WHICH THE ST. WAS NOT PAID TILL DATE). WHAT SHOULD BE THE AMOUNT PAID BY ME.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 October 2015 Earlier service tax paid by LIC from pool not collected separately. From 01/01/2014 start charging it separately. Service tax is 3.09% in the first year and 1.545% from second year on wards.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2015 THANK YOU SIR.. THIS MEANS THAT THE POLICY TAKEN AFTER 01.04.2014 IS ONLY PERTAINES TO THE PAYMENT OF ST TOGETHER WITH THE PREMIUM.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 October 2015 Yes you are right..........

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