Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: empanelment :: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: TDS
 
 
News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

Service tax waiver for small premia likely
January, 30th 2007

If general insurers have their way, and if the quantum of premium one pays to buy a cover is less than Rs 1,000, the Centre may not collect service tax that is now pegged at 12.24%.

In its proposal for the Union Budget 2007-08, the General Insurance Council has requested the finance ministry to enhance the upper limit for waiver of service tax on premium payment from Rs 50 to Rs 1000 for a single transaction. The council is a representative body of general insurers.

General insurers have also urged the FM to increase the time for remittance of service tax from five days to 15, after every month end.

Additionally, the council, which has routed these proposals through IRDA, has requested the government to allow non-life insurance exemption on capital gains tax for all securities including bonds.

It has also asked for the same income tax structure that is applicable for life insurers. Life companies pay income tax of 12.5%. For general insurers the rate is 33.66%. Talking on the proposal of service tax waiver submitted by the council, K N Bhandari, general secretary at General Insurance Council, told ET, Currently, the government does not collect any service tax if the premium paid by a policy holder per transaction is below Rs 50. This threshold limit was notified in 1994 and has not been revised since then.

The Centre is propagating the need for insurance and there is a constant endeavour to maximise its penetration. With this in view, we have requested the Centre to increase the threshold limit of Rs 50 to at least Rs 1,000. This is because policy holders paying a premium of less than Rs 1,000 are mostly individuals and persons from the lower segment for whom even payment of premium is a challenge, explained Mr Bhandari.

The move, according to the council, will help in bringing within its fold more people by reducing their cost of procuring covers. It will also decrease administrative and compliance cost for the company, thereby providing the required boost to the industry. Explaining the issue of capital gains exemption, Mr Bhandari said, General insurers can claim exemption under long-term capital gains on equity shares. However, no such exemption is available for sale of bonds and other financial instruments.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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