Reverse charge liability: service recipients carrying on insurance business must pay service tax on insurance agent services. Services supplied by an insurance agent to any person carrying on insurance business are taxable under the reverse charge mechanism, with 100% of service ... Summary
Reverse charge liability: service recipients carrying on insurance business must pay service tax on insurance agent services.
Services supplied by an insurance agent to any person carrying on insurance business are taxable under the reverse charge mechanism, with 100% of service tax liability shifted to the service recipient carrying on insurance business. Definitions of "general insurance business", "life insurance business" and "insurance agent" determine which transactions and parties are captured.
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