There will be no service tax on cashless health insurance transactions, reports CNBC-TV18 quoting sources from Central Board of Excise and Customs (CBEC). It is learnt that the changes will notified by the board soon.

The Finance Minister Pranab Mukherjee in Budget 2011-12 had proposed levying 5% tax on all services provided by private hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests.

However facing severe criticism, the FM has already exempted healthcare from service tax. Service tax on healthcare was first announced last year, but it was only on bills settled by insurance companies.

Source- CNBC-TV18

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