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of <h1>United Insurance Seeks Simplified Service Tax Refunds for Canceled Policies, Provisional Adjustments, and Dishonored Cheques u/s 11-B.</h1> M/s United Insurance Co. Ltd. has requested the simplification of refund claim procedures related to service tax on insurance, specifically seeking permission to adjust refunds against future tax payments. They highlighted three scenarios: pro-rata refunds when policies are canceled midway, provisional policies where premiums are adjusted, and non-realization of amounts due to dishonored cheques. Approximately 125,000 refund applications are estimated annually, making it challenging to file claims under Section 11-B of the Central Excise & Salt Act, 1944. The Board is considering whether current procedures are adequate or if new documentation is needed to handle these refunds efficiently.
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