CENTRAL OFFICE, F & A DEPT. JEEVAN BIMA MARG NARIMAN POINT, POST BOX NO.19953 , MUMBAI – 400 021
Ref: CO/F&A/Service Tax
Date: May 8, 2012
Regional Managers (F&A)
All Zonal Offices of the Corporation
Re: Finance Bill 2012
The Finance Bill 2012 has proposed following amendments relating to service
tax on Life Insurance services.
* Rate of Service tax increased from 10% to 12% w.e.f. 1.4.2012
* Rate of Service tax on ULIP charges is increased from 10% to 12% w.e.f.
1.4.2012
* Rate of Service tax on premium under Term Assurance plan is increased
from 10% to 12% w.e.f. 1.4.2012
* Rate of Service tax on first year premium under other plans is
increased from 1.5% to 3% w.e.f. 1.4.2012
* Rate of Service tax on subsequent premium under other plans is remained
unchanged i.e. 1.5%.
* Education Cess and Secondary Higher Education Cess are remained
unchanged i.e. 3% of service tax.
vinay mohanty
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