Life insurance services treated as taxable service, covering all services provided by insurers to policyholders and reinsurers. Service tax covers any service provided to a policyholder or any person by an insurer, including reinsurers, in the conduct of life insurance business; ... Summary
Life insurance services treated as taxable service, covering all services provided by insurers to policyholders and reinsurers.
Service tax covers any service provided to a policyholder or any person by an insurer, including reinsurers, in the conduct of life insurance business; insurer includes those carrying on general or life insurance and reinsurers; life insurance business encompasses contracts dependent on human life and related benefits like disability indemnities, annuities, and superannuation allowances; accounting codes are prescribed and consolidated circular guidance supersedes earlier technical clarifications on scope, valuation, exemptions and related service tax matters.
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