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of <h1>Service Tax Exemption in Jammu & Kashmir: Insurance Services Taxed Based on Asset Location Per Section 64, Finance Act 1994.</h1> Section 64 of Chapter V of the Finance Act, 1994, excludes the applicability of Service Tax in Jammu and Kashmir. The Central Board of Customs & Excise clarified that Service Tax is a destination-based consumption tax, and liability is determined by the location of service consumption. Insurance services provided by a company to clients with assets outside Jammu and Kashmir are subject to Service Tax. Conversely, services rendered to clients with assets within Jammu and Kashmir are exempt from Service Tax. This directive addresses the applicability of Service Tax for insurance services based on asset location.
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