Dear Sir
This mail I received from MAX NEWYORK LIFE, which is not satisfactory answer. Because Why should I bare cost of services tax if when i took policy that time commitment gave me that I have to pay policy amount 10, 000/-
till date not proper reply from them
Kindly help me
This memo is classified Public &&--
Dear Mrs. Tai
Thank you for writing to Customer Services - Max New York Life Insurance.
This is with reference to your query regarding policy number 319522041.
We would like to inform you that under the scheme of service tax and provision of the Finance Act, 1994, the service provider (insurance company) is responsible to collect the service tax and deposit the same with the Government. However, the incidence of service tax falls on the recipient of the services (customer). We wish to clarify that there has been no change in this scheme of service tax.
Accordingly, the service provider is entitled to realize service tax from its customers unless there is a contract to the contrary between the parties. We wish to inform you that there is no such provision in the policy contact between the company and the customer, which forbids the company from realizing service tax from its customers. Initially service tax was being borne by the company out of its pocket, which ideally should have been borne by the customer.
In light of the above and our previous correspondence, with effect from May 1st, service tax shall now have to be borne by the customer himself.
Further, would like to confirm that the premium amount of Rs.10, 000 is exclusive of the Service Tax amount and the applicable Service Tax towards your policy is Rs.103
Please write back to us if should you need any further assistance or call us toll free at 1800 180 5577 or 1800 200 5577 write
to us at [email protected]
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