https://www.taxtmi.com/article/detailed?id=1306 The formation and interpretation of insurance contracts require utmost good faith, comprise defined risk, duration, premium and sum assured, and treat premium as composed of a risk charge plus loadings. Under service tax valuation rules a gross amount agreed by the parties is treated as inclusive of tax; where a premium was fixed and accepted as a single agreed amount, the insurer cannot later unilaterally vary the contract to collect service tax separately. en-us Sat, 28 May 2011 08:06:57 +0530 Mon, 30 May 2011 08:08:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1306 The formation and interpretation of insurance contracts require utmost good faith, comprise defined risk, duration, premium and sum assured, and treat premium as composed of a risk charge plus loadings. Under service tax valuation rules a gross amount agreed by the parties is treated as inclusive of tax; where a premium was fixed and accepted as a single agreed amount, the insurer cannot later unilaterally vary the contract to collect service tax separately. Articles Service Tax Sat, 28 May 2011 08:06:57 +0530 https://www.taxtmi.com/article/detailed?id=1306