Special Rates for Different Services have also increased with the Introduction of Krishi Kalyan Cess

  • Air Travel Agent service
  • Life Insurance Company
  • Money changer Service
  • Lottery Ticket Agent Service

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Special Rates for Single Annuity Life Insurance Plans

New Amendment

 For Single Premium Anuity Insurance Policies,

Insurance Premium is to be paid only in first year and not after that

 

In this case,

Rate prescribed are 1.4% of Total Premum Charged++Swachh Bharat Cess+Krishi Kalyan Cess

i.e. 1.5%

 

Year

% of base fare

(OLD RATE)

Effective Rate of

Service tax

Effective Rate of

Swachh Bharat Cess

Effective Rate of

Krishi

Kalyan

Cess

Total

Rate of

Service

Tax

First Year

(Single Premium)

N/A

1.4%

0.10%

0.10%

1.5%

Next Year

N/A

N/A

N/A

N/A

N/A

 

This is applicable only where the amount allocated for investment or savings on

behalf of policy holder is not intimated to the policy holder at the time of providing of service

Learn More

  1. Tax Practical
  2. Practical Service Tax

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .