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Service
Tax to be levied
on insurance premium
The new
budget has announced a
service tax at the new
rate of 10% on insurance
premia that is related
to risk coverage. The
premium component that
is savings related will
not entail service tax.
The usual risk coverage
proportion varies from
10-100% depending on the
scheme.
This will mean your insurance
premium will go up. How
much more will your insurance
cost ? Find out.
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