Friday, July 13, 2012

Service Tax Negetive list

With effect from 1st July 2012, all services besides being covered under negative list or mega
notification will be liable to service tax @ 12.36%.. Movement towards the negative list will result in reducing nearly 290 definitions and descriptions in existing 88 to 10. Finance act has nailed down 17 activities which will be reckoned as non taxable for the purpose of levy of service tax. Thus apart from these, all other activities which are covered within the meaning and scope of definition of service will be made taxable.

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