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EXEMPTION TO SERVICES BY REGULATORY BODIES

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 24-5-2016 - Mega exemption Notification No. 25/2012-ST dated 20.06.2012 contains exemptions under Service Tax. Recently a host of exemptions have been added to the list of exemptions vide Notification No. 9/2016-ST dated 1.3.2016 and Notification No. 22/2016-ST 13.04.2016. These, inter alia, include grant of exemption to services provided by regulatory organizations / bodies such as Employees Provident Fund Organization (EPFO), Insurance Regulator .....

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vernment are taxable w.e.f. 1.4.2016, this specific exemption has been provided. (Entry No. 49) EPFO manages the subscriptions of provident fund of employees and its investment. Such services shall be exempt. The objective of the EPFO is extend social security benefits to the working class in the form of Provident Fund, Pension and Insurance benefits. The broad functions of EPFO are as under: Enforcement of provisions of Employees' Provident Funds and Miscellaneous Provisions Act, 1952; Reco .....

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RDA) to insurers under the Insurance Regulatory and Development Authority of India Act, 1999 (IRDA Act) are exempt from Service Tax w.e.f. 1.4.2016 vide Notification No. 9/2016-ST dated 1.3.2016. (Entry No. 50) IRDA is regulatory body for the development and regulation of insurance activities in India. Services provided by IRDA to the insurers shall be exempt. IRDA's powers and functions include - issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cance .....

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the conduct of insurance business; promoting and regulating professional organisations connected with the insurance and re-insurance business; levying fees and other charges for carrying out the purposes of this Act; calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; control and regulation of the rates, advantages, .....

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