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Question: Has there been any change in service tax for insurance premium after budget?

Answer: There have been two announcements with regards to Service tax on insurance premiums in budget 2016-17. The composite rate of service tax on single premium annuity policies is reduced from 3.5% to 1.4% of the premium charged.

Service tax has also been exempted on general insurance provided under ‘Niramaya Health Insurance Scheme'. However all remaining life insurance policies will continue to attract service tax for premium payment.

There have been two announcements with regards to Service tax on insurance premiums in budget 2016-17. The composite rate of service tax on single premium annuity policies is reduced from 3.5% to 1.4% of the premium charged.

Service tax has also been exempted on general insurance provided under ‘Niramaya Health Insurance Scheme'. However all remaining life insurance policies will continue to attract service tax for premium payment. Source: CoolInterview.com

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