SERVICE TAX
- No change in Service Tax rates.
- Basic exemption limit for service providers raised from Rs. 4 lacs to Rs. 8 lacs.
- Basic exemption for obtaining Service Tax Registration number raised from Rs. 3 lacs to Rs. 7 lacs.
Following 7 new services are brought under tax net :
- Telecommunication Service
- Mining Service
- Renting of Immovable Property Service
- Service involved in the execution of a works
- Development and Supply of Content Service
- Asset Management including Portfolio Management and all forms of Fund Management Service
- Design Services
Scope of following services extended
- Sale of space or time for Advertisement, amended to include yellow pages and trade catalogs.
- Mandap Keeper Services, Pandal or Shamiana Services and Event Management Services: now include services provided in relation to marriage functions.
- Banking and other Financial Service:
- The words “any other person” substituted with “commercial concern”.
- Cash Management proposed to be included.
- Management Consultant’s Service : Renamed as management or business consultant’s service. Further the definition explicitly includes business consultancy.
- Consulting Engineer’s Service: Computer hardware engineering consultancy proposed to include in consulting engineer’s service.
- Rent a Cab Service: Renting of motor vehicle capable of carrying more than 12 passengers is included. However, renting to an educational body is exempt.
Following Services exempted from service tax
- All taxable services provided by Technology Business Incubators (TBI) / Science & Technology Entrepreneurship Parks (STEP)
- Services provided by Resident Welfare Associations to members where monthly contribution does not exceeds Rs 3000/-.
- Services provided to delivery of content of cinema in digital form after encryption electronically
- Services provided in relation to Clinical trials subject to certain conditions
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