Service Tax rates including Krishi Kalyan Cess

Government has introduced Krishi Kalyan Cess (KKC) of 0.5% in addition to Service Tax and Swacch Bharat Cess (SBC) on taxable value of services, effective from June 1, 2016.
 
Revised rates with SBC and KKC to be charged and collected from policyholders are as follows:
Category Service tax with SBC and KKC
Term insurance premium 15%
ULIP charges 15%
Health insurance premium 15%
Rider Premium 15%
Annuity: Single Premium 1.5%
Endowment: First year premium 3.75%
Endowment: Renewal premium 1.875%

 

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