Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Irda to charge tax for service to players

Jan 02 2014, 12:29 IST
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SummaryIrda will charge service tax from industry players on providing services such as registration and renewal.

The Insurance and Regulatory Development Authority (Irda) will charge service tax from industry players on providing services such as registration and renewal. The regulator is required to collect service tax from its insurance companies, brokers and agents, said an Irda notification.

TPAs, insurance repositories, web aggregators, referral entities and surveyors too will have to pay tax for availing services like grant of registration, licences, renewals and so on, the Irda said.

Service receivers are required to add service tax component, as applicable, to the fee while making remittances to the authority from January 1, it added.

The proposals were approved by Irda at its meeting held on Tuesday. However, it did not disclose the rate of service tax applicable to individual categories.

At present, the rate of Service Tax is 12%.

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