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of <h1>Service tax applies to ULIP management; taxable amount is highest of IRDAI cap or actual charges.</h1> The service tax applicable to the management of investments under Unit Linked Insurance Plans (ULIPs) as of June 30, 2012. It specifies that insurers providing life insurance services to policyholders in relation to ULIP management are subject to service tax. The taxable amount is the higher of the maximum fund management charges set by the Insurance Regulatory and Development Authority or the actual charges levied by the insurer. The document also references changes in service tax laws introduced through finance bills and circulars from 2008 and 2010, detailing the calculation of gross amounts charged to policyholders.
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