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 ... Summary
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.