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of <h1>Insurance Agent Services Subject to Reverse Charge; Recipient Liable for 100% Tax Since July 1, 2012</h1> From July 1, 2012, services provided by an insurance agent to an insurance business are subject to a reverse charge mechanism, where the service recipient is liable for 100% of the service tax. 'General insurance business' includes fire, marine, or miscellaneous insurance, while 'life insurance business' involves contracts affecting human life, including disability benefits, annuities, and superannuation allowances. An 'insurance agent' is licensed to receive commission for soliciting or procuring insurance business. These definitions are derived from relevant clauses of the General Insurance Business (Nationalisation) Act, 1972, and the Insurance Act, 1938.
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