Government exempts the following two Schemes under services of life insurance business from Service tax by adding the same in mega Exemption Notification No. 25/2012-Service Tax :- (a) Janashree Bima Yojana (JBY); or (b) Aam Aadmi Bima Yojana (AABY).
Life insurance services provided under Janashree Bima Yojana (JBY) and Aam Aadmi Bima Yojana (AABY) schemes have been exempted from service tax. Entry No. 26A has been inserted in Notification No. 25/2012- ST dated 20.06.2012 to give effect to this amendment.
Notification No. 49/2012 – Service Tax,
Dated- 24th December, 2012
G.S.R….(E)- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.25/2012-Service Tax
, dated the 20th
June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), number G.S.R. 467 (E), dated the 20th
June, 2012, namely:-
In the said notification, after entry 26, the following shall be inserted namely:-
“26A. Services of life insurance business provided under following schemes –
(a) Janashree Bima Yojana (JBY); or
(b) Aam Aadmi Bima Yojana (AABY);”.
[F.No. 354 /190/ 2012-TRU]
Under Secretary to the Government of India
.- The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 25/2012 – Service Tax, dated 20th June, 2012, vide number G.S.R. 467 (E), dated the 20th June, 2012 and was last amended by notification No. 44/2012-Service Tax, dated the 7th August, 2012 vide number G.S.R. 620 (E), dated the 7th August, 2012