All areas of taxation : Personal Tax, Corporate Tax. | Suggesting legal structure of business entities. | Transactional advisory - optimal deal structure | T
|
Circular No. 133 / 2 / 2011 – ST
F.No.332/36/2010-TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit
North Block, New Delhi
18th January 2011
To
Chief Commissioners of Central Excise and Service Tax (All),
Director General (Service Tax),
Director General (Central Excise Intelligence),
Director General (Audit),
Commissioners of Service Tax (All),
Commissioners of Central Excise and Service Tax (All).
Madam/Sir,
Subject: - Service tax exemption for Janata Personal Accident Policy – reg.
A clarification has been sought as to the scope and meaning of the description namely ‘Janata Personal Accident Policy (JPAP)’ appearing in the Notification No. 3/1994-ST dated 30.06.1994.
2. The issue has been examined. The representation seeking clarification arises in the context of customized group insurance policy schemes known as JPAP, floated by various insurance companies as specified by state governments, to extend risk cover to certain specified target populations, under varying terms of insurance. Generally, a standard JPAP is an individual oriented policy with a fixed ‘sum assured’. The sum assured in these JPAP policies is often as low as Rs. 25, 000/- , so that even people without regular income can afford to purchase a risk cover for themselves. For the insurers, JPAP offers a vehicle to fulfill the ‘rural or social sector’ obligation prescribed by the Insurance Regulatory Development Authority (IRDA). Since a description of JPAP Policy is not available in the relevant notification, it is clarified that customized group JPAP insurance schemes floated by various insurance companies as per the specifications of state governments concerned, to extend risk cover to target populations, and to fulfill the prescribed ‘rural or social sector’ obligation, are covered by the subject service tax exemption.
3. Trade Notice/Public Notice may be issued to the field formations accordingly.
4. Please acknowledge the receipt of this circular. Hindi version to follow.
(J. M. Kennedy)
Director, TRU
Tel: 011-23092634
|
What We Do
Our Services
Indirect Taxes
Advising client on establishment of indirect tax management system, in all areas i.e. GST Audit, Customs, Foreign Trade P
Auditing and Assurance Service
We are blessed with team of qualified chartered accountants highly efficient in auditing and assurance services. Our wide range of services are aimed for financial sta
Accounting Services
We offer highly efficient accounting services which are provided by us for our local, national and international clients. We also offer design, implementation and revi
Societies and Trust Consultanc
We are engaged in providing societies and trust consultancy to our clients. Our wide range of services include formation, registration U/s
Company Law Matters Consultanc
Every company according to the India law need to register with the registrar of companies and it is also necessary with documents for vari
CONSULTATION
Client Login
CONSULTATION
ASK A QUERY
