Thursday, Sep 16, 2004
Thursday, Sep 16, 2004 |
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Advts: Classifieds | Employment | Obituary | Andhra Pradesh
By Our Special Correspondent
HYDERABAD, SEPT. 15. The former Chairman and Managing Director of Oriental Insurance Company, G. V. Rao, has questioned the imposition of service tax on the insurance industry and suggested that the industry take up the issue. He was addressing participants after inaugurating a seminar on `Outlook for insurance industry for the next decade: issues and prospects' organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) here on Wednesday.
`Not a service'
Mr. Rao asked how service tax could be imposed on insurance policy, which, he said, was a product. No service was involved unless there was a case of claim settlement, he said. If the Government must impose a tax, it must be a `premium tax' as was the case in certain countries, he said. Mr. Rao said some of the issues the insurance industry faced were `de-tariffing' the need to build Indian players who could play a global role and the need to increase insurance penetration, he said.
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