sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling
 Income-tax (5th Amendment) Rules, 2018

Plea to withdraw service tax on third party insurance
January, 05th 2007

To mitigate the burden of motor vehicle owners from the recent third party premium hike, the General Insurance Officers All India Association (GIOAIA) has asked the Union Government to withdraw service tax on insurance premium. The service tax rate that started at 5 per cent has now become 12.24 per cent.

Mr P.P. Mohanan, State Vice-President of the Association, has urged the Centre and PSU general insurers to enlighten the public and policy holders regarding the circumstances that has led to the third party premium hike. "The premium hike was inevitable as the third party claim ratio is 250 per cent," he pointed out.

Since the third party premium was unattractive, the burden of loss-making third party insurance was mainly on the four public sector general insurance companies alone. If the freedom to fix third party insurance premium was given to insurance companies, the premium amount will be much more due to the high claim ratio, the Association said.

As per the new system, all third party motor insurance premium and claims will be managed by the Indian Motor Insurance Pool, which will be controlled by the General Insurance Corporation of India. The third party claim loss amount is to be shared by the 13 non-life insurance companies, according to their market share.

As a result of de-tariffing, premium rates will be reduced in profit making segments like fire and engineering. Insurance Regulatory and Development Authority has allowed a maximum reduction of 20 per cent on fire and engineering, and 10 per cent on motor `own damage' portions, a press release issued here has said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions