Services provided by an Insurance agent to any person carrying Insurance Business - Service Tax Practice Manual / Ready Reckoner - Service Tax

Sr. No. 1 Services provided by an Insurance agent to any person carrying Insurance Business Scope of Reverse Charge Service - ( Notification No. 30/2012- Service Tax, Part (II) Table Sl. No.1 ) From 1.7.2012 In respect of services provided or agreed to be provided by an insurance agent to any person carrying on insurance business Taxable services provided or agreed to be provided by an insurance agent to any person carrying on the insurance business Liability on:- Service Provider Service Recipient % of tax Nil 100% Meanings and Definitions: As per Notification no.25/2012-ST, dated 20-6-2012 - general insurance business has the meaning assigned to it in clause (g) of section 3 of General Insurance Business (Nationalisation) Act, 1972 (57 of 1972). As per clause (g) of section 3 of General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) - general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them. As per Notification no.25/2012-ST, dated 20-6-2012 - life insurance business has the meaning assigned to it in clause (11) of section 2 of the Insurance Act, 1938 (4 of 1938). As per clause (11) of section 2 of the Insurance Act, 1938 (4 of 1938) - life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include- (a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance; (b) the granting of annuities upon human life; and (c) the granting of superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons. As per section 2 of Insurance Act,1938 - Insurance Agent means an insurance agent licensed under section 42 of the Insurance Act who received or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance.