Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: form 3cd :: ACCOUNTING STANDARDS :: cpt :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: due date for vat payment :: list of goods taxed at 4%
 
 
« News Headlines »
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you
 Self e-filing of income tax returns
 Why do we get 3 extra days to file income tax returns in 2017?
 Income Tax department launches 'Operation Clean Money'-II
 Here’s how to e-file your income tax return

Plea to withdraw service tax on third party insurance
January, 05th 2007

To mitigate the burden of motor vehicle owners from the recent third party premium hike, the General Insurance Officers All India Association (GIOAIA) has asked the Union Government to withdraw service tax on insurance premium. The service tax rate that started at 5 per cent has now become 12.24 per cent.

Mr P.P. Mohanan, State Vice-President of the Association, has urged the Centre and PSU general insurers to enlighten the public and policy holders regarding the circumstances that has led to the third party premium hike. "The premium hike was inevitable as the third party claim ratio is 250 per cent," he pointed out.

Since the third party premium was unattractive, the burden of loss-making third party insurance was mainly on the four public sector general insurance companies alone. If the freedom to fix third party insurance premium was given to insurance companies, the premium amount will be much more due to the high claim ratio, the Association said.

As per the new system, all third party motor insurance premium and claims will be managed by the Indian Motor Insurance Pool, which will be controlled by the General Insurance Corporation of India. The third party claim loss amount is to be shared by the 13 non-life insurance companies, according to their market share.

As a result of de-tariffing, premium rates will be reduced in profit making segments like fire and engineering. Insurance Regulatory and Development Authority has allowed a maximum reduction of 20 per cent on fire and engineering, and 10 per cent on motor `own damage' portions, a press release issued here has said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions