It was proposed in in Union Budget 2015 to increase the service tax from 12.36% to 14%. After the Notification No. 14/2015-Service tax dated 19/05/2015 by the government, new servic tax will be effective from 01/06/2015. All the Service including the insurance premium will be dearer from 01/06/2015. The special rates for life insurance service as per rule 6(7A) has been changed. The rate ofservice tax for FY 2015-16 are as under:
| S. No. | Particulars | Existing rates (Upto 31/05/2015) | Revised rates (From 01/06/2015) |
| A) | On gross premium less amount is alloted for investment/savings, if such amount is intimated to the policy holder | 12.36% | 14% |
| B) | Where the entire paid for risk cover | 12.36% | 14% |
| C) | For all policies not covered under A) and B) | ||
| On First year premium | 3.09% | 3.50% | |
| On subsequent premium | 1.55% | 1.75% |
Life insurance service provided under Varishtha Pension Bima Yojana scheme has be exempted wef 01/04/2015.
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I have purchased 2BHK flat in Pune. Agreement had been registered on 12March'2015 when the Service Tax was 3.09%. Also I paid few part payments. Its under construction and possession would be given by Feb'2016. Now from June'2015, Government increased service tax by 0.41 which make 3.50% S.T from June'2015 on-wards. My builder says I also need to pay the extra amount of 20K rupees as the S.T is increased. But do I need to pay service tax for the flat which i purchased in Feb'2015 and Agreement was done in 12March'2015?? Kindly update me.
Hello
My self Anjali, I want to ask that how much service tax i have to pay if my monthly LIC premium is rupees 8547 per month.
Hello
My self Santosh kumar, I want to ask that how much service tax i have to pay if my Three month LIC premium is rupees 4170+Service tax three month.
how mach service tax my premium
I have taken life ensure policy before 1 Jun 2015 and paid first installment with 12.36 service tex. is same rate will applicable my remaining installment