Life insurance business - Service Tax Practice Manual / Ready Reckoner - Service Tax

Chapter 26A Life insurance business (w.e.f. 24th December, 2012) Scope of Exempt Service - Notification no. 25/2012 dated 20.06.2012 From 24.12.2012 to 10.7.2014 - Notification No.49/2012 - ST-Dated 24/12/2012 26A. Services of life insurance business provided under following schemes (a) Janashree Bima Yojana (JBY) (b) Aam Aadmi Bima Yojana (AABY) From 11.7.2014 to 31.3.2015 - Notification No.06/2014 - dated 11th July, 2014 26A. Services of life insurance business provided under following schemes (a) Janashree Bima Yojana (JBY) (b) Aam Aadmi Bima Yojana (AABY) (c) life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees. Amending Notes w.e.f. 11.7.2014:- All life micro-insurance schemes approved by the Insurance Regulatory Development Authority (IRDA), where sum assured does not exceed Fifty Thousand Rupees have been exempted from service tax From 1.4.2015 to 29.4.2015 - Notification no. 06/2015 - Dated 1-3-2015 26A. Services of life insurance business provided under following schemes (a) Janashree Bima Yojana (JBY) (b) Aam Aadmi Bima Yojana (AABY) (c) life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees. (d) Varishtha Pension Bima Yojana (VPBY) Amending Notes w.e.f. 1.4.2015 :- Life insurance service provided by way of Varishtha Pension Bima Yojna has been exempted. From 30.4.2015 - Notification no. 12/2015 - Dated 30-4-2015 26A. Services of life insurance business provided under following schemes (a) Janashree Bima Yojana (JBY) (b) Aam Aadmi Bima Yojana (AABY) (c) life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees. (d) Varishtha Pension Bima Yojana (VPBY) (e) Pradhan Mantri Jeevan Jyoti Bima Yojana; (f) Pradhan Mantri Jan Dhan Yogana; Amending Notes w.e.f. 30.4.2015 :- 1) Service tax on services of Life Insurance business provided under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) have been exempted. - 2) Service tax on services of Life Insurance business provided under Pradhan Mantri Jan Dhan Yojana (PMJDY) have been exempted. Meanings and Definitions: life micro-insurance product shall have the meaning assigned to it in clause (e) of regulation 2 of the Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005.