Is service tax payable by NRI on life and health insurance premiums?
- Komal Gupta
Yes, service tax is charged and is payable by NRI on life and health insurance premiums.
However, LIC gives an exemption of service tax to NRIs for insurance policies serviced by them. Except for LIC, all other insurance companies charge service tax as usual. The service tax rate is now 15 per cent including cess.