Source: InsuranceBlog
"LIC of India has made the provision for
ONE TIME Refund of Service Tax under Varishtha Pension Bima Yojana (Plan
828) policies, issued from 14/8/2014 to 31/03/2015"
Varishtha Pension Bima Yojana (Plan 828) was launched by Government of
India on 15/08/2014 for person aged more than 60 years to provide a
social security through lifetime pension to senior citizens. Varishtha
Pension Bima Yojana was sold and administered by Life Insurance
Corporation of India. From 15/08/2014 to 31/03/2015 service tax at the
rate of 3.5% was collected from the customers on premium, which ranged
from Rs. 2333 to Rs. 23333. In the Budget 2015 finance minister provided
relaxation of service tax on Varishtha Pension Beema Yojana with effect
from 01/04/2015.
Recently government of India issued a
notification for the refund of service tax collected on Varishtha
Pension Beema Yojana. And following the government’s directive LIC of
India has issued the circular regarding the refund of service tax on varishtha pension bima yojana.
