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Do I need to pay the service tax for my past premiums? Will BSLI recover the service taxes paid by them for the previous years in the future from us?

April 26, 2017bsli paid past pay premiums previous recover service tax taxes

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Do I need to pay the service tax for my past premiums? Will BSLI recover the service taxes paid by them for the previous years in the future from us?

1 Answer

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The service tax is payable for all the future premiums only. However if there are past premiums due but unpaid, service tax will now be applicable. The reinstatement quotation is being amended to this effect. The service tax for the past premiums paid by the customers has already been borne by BSLI and hence will not be passed on to the customers.