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        Bills

        Retrospective Exemptions in Service Tax

        1 February, 2025

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        Union Budget 2025-26 (Full) + Finance Bill, 2025

         

        SERVICE TAX

        S. No.

        Retrospective exemptions

        Clause of the Finance Bill, 2025

        1.

        Services provided or agreed to be provided by insurance companies by way of reinsurance services under the Weather Based Crop Insurance Scheme (WBCIS) and the Modified National Agricultural Insurance Scheme (MNAIS) are proposed to be exempted from service tax retrospectively for the period commencing from 1st April, 2011 and ending with 30th June, 2017.

        [130]

        Full Text:

        Union Budget 2025-26 (Full) + Finance Bill, 2025

        Retrospective exemption for reinsurance services under crop insurance schemes removes prior service tax liability for those services. A retrospective exemption is proposed for services provided or agreed to be provided by insurance companies by way of reinsurance services under the Weather Based Crop Insurance Scheme (WBCIS) and the Modified National Agricultural Insurance Scheme (MNAIS), treating such reinsurance services as exempt from service tax for the period commencing 1 April 2011 and ending 30 June 2017, thereby adjusting past tax liability and compliance positions for insurers and reinsurers.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Retrospective exemption for reinsurance services under crop insurance schemes removes prior service tax liability for those services.

                              A retrospective exemption is proposed for services provided or agreed to be provided by insurance companies by way of reinsurance services under the Weather Based Crop Insurance Scheme (WBCIS) and the Modified National Agricultural Insurance Scheme (MNAIS), treating such reinsurance services as exempt from service tax for the period commencing 1 April 2011 and ending 30 June 2017, thereby adjusting past tax liability and compliance positions for insurers and reinsurers.


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