Insurance services to Motor Vehicle Accident Fund exempted; transmission or distribution wording altered and 'insurer' defined. The notification amends the State Tax (Rate) schedule by substituting 'transmission or distribution' for 'transmission and distribution', inserting a new entry granting a nil rate for insurance services by the Motor Vehicle Accident Fund funded by insurers' contributions from third party motor insurance premiums, adding a training partner approved by the National Skill Development Corporation as an exempt entity, omitting item (w) from paragraph 2, and defining insurer by reference to the Insurance Act; the amendment is effective 16 January 2025.
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Insurance services to Motor Vehicle Accident Fund exempted; transmission or distribution wording altered and 'insurer' defined.
The notification amends the State Tax (Rate) schedule by substituting "transmission or distribution" for "transmission and distribution", inserting a new entry granting a nil rate for insurance services by the Motor Vehicle Accident Fund funded by insurers' contributions from third party motor insurance premiums, adding a training partner approved by the National Skill Development Corporation as an exempt entity, omitting item (w) from paragraph 2, and defining insurer by reference to the Insurance Act; the amendment is effective 16 January 2025.
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