Thursday, July 16, 2015

Amendments applicable w.e.f. 1st October, 2014

  • Abatement in respect of transport of goods by vessels has been increased from 40% to 50%
  • Services provided by recovery agent have been brought under reverse charge mechanism.
  • In case of renting of motor vehicle, where the service provider does not take abatement, the portion of service tax payable by service provider and service receiver has been modified as 50% each.
  • Works contract relating to repairs will have service portion as 70% for charge ability of service tax.
  • Interest rates on delayed payments would vary on the extent of delay from 18% to 30% p.a.


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