Home Highlights April 2016 Year 2016 This

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1. Levy of service tax - Life Insurance Service - Renting of Immovable Property Service or not - On the taxability of life insurance service, the Tribunal determined that...

2. CENVAT Credit - Input Services - the insurance service provided by the Deposit Insurance Corporation to the banks is an “input service” and CENVAT credit of service tax...

3. The services rendered by an insurance agent, duly licensed u/s 42 of the Insurance Act for general insurance businesses, are taxable as "insurance auxiliary services"....

4. RCM - payment of guarantee fee towards receipt of Bank Guarantees - These are not the guarantees provided by a corporation for it’s subsidiaries but are pure bank...

5. Rate of service tax increased from 10% to 12%

6. CENVAT Credit - input service - Deposit Insurance Service provided by Deposit Insurance and Credit Guarantee Corporation - nexus of such service with the actual...

7. Rejection of refund claim - amount paid under protest - tax has been included in the gross amount collected as insurance premium or not - The computation of premium is a...

8. The deposit insurance activity undertaken by the appellant, Deposit Insurance and Credit Guarantee Corporation, falls within the taxable service category of general...

9. Eligibility of CENVAT credit - Input services or not - insurance service - premium for the master insurance policy issued to the appellant - The Cenvat credit was denied...

10. Banks are entitled to avail CENVAT credit on service tax paid to Deposit Insurance Credit Guarantee Corporation (DICGC) for insurance services, commission/brokerage paid...

11. CENVAT Credit - input services - service tax paid on insurance premium for availing medi-claim facility for employees who had opted for ‘Voluntary Separation Scheme’ -...

12. Service tax liability in respect of general insurance premium - The Tribunal agreed with the appellant that service tax should be calculated based on the rates effective...

13. Input Services - Cenvat credit in respect of insurance service of factory premises allowed - AT

14. Refund of unutilized CENVAT Credit - appellants are rightly eligible to take credit of service tax paid on insurance premium on Group Insurance Policy, as the said...

15. CENVAT Credit - input service or not - re-insurance being pooled through a mechanism provided by IRDA - respondent who is an insurance company, had been depositing its...