1. The key amendments in the 2012 Finance Act related to service tax include increasing the service tax rate from 10% to 12% plus a 3% cess, bringing in a negative list approach where only specified services will be taxed, and introducing reverse charge mechanisms for certain services.
2. Under the negative list approach, only services specified in the negative list and exempted list will remain outside the scope of service tax. All other services will be taxable unless specifically exempted.
3. The reverse charge mechanism will apply to certain services provided by individuals/firms to corporate entities, as well as services provided by the government and arbitrators. The recipient of these services will now be liable to pay the service
Presentation on service tax Act 1994, for undergraduate commerce students of Goa University. Includes historical background, year wise tax collection e for last 20 years and procedural aspect of service tax Act 1994 with latest amendments are covered.
This PPT talks about the services rendered outside the Territorial waters and the Service Tax applicability on the same. Under the International Law, recent developments have shown that the territory of a country, for exercising their jurisdictional rights and internal laws, has been extended to the Continental shelf and the Exclusive Economic Zones. But the rights given to the coastal country are limited and restricted. When compared with the previous notification passed by the Central Government, now the service tax will be charged irrespective of the area being designated or non-designated in the EEZ and the Continental shelf. This paper will analyse the implementations of the new amended notification. It will also compare the new notification with the other notifications of the Customs & Excise Act and Income Tax Act for drawing an extent of the applicability of the act to the territory of India, whether or not Service Tax can be charged for an area outside the territorial waters.
Service tax continues to be a complex tax law. The makers of law, in effort to project GST as the future law, preferred to ignore the agony of the tax payer in its current form.
The way things are moving GST is not slated to be a better tax law and shall give more pain than relief. The debate on GST is going to be a long battle. Advisable to digest the present service tax law as in all probability it would form basis for the new law.
Presentation on service tax Act 1994, for undergraduate commerce students of Goa University. Includes historical background, year wise tax collection e for last 20 years and procedural aspect of service tax Act 1994 with latest amendments are covered.
This PPT talks about the services rendered outside the Territorial waters and the Service Tax applicability on the same. Under the International Law, recent developments have shown that the territory of a country, for exercising their jurisdictional rights and internal laws, has been extended to the Continental shelf and the Exclusive Economic Zones. But the rights given to the coastal country are limited and restricted. When compared with the previous notification passed by the Central Government, now the service tax will be charged irrespective of the area being designated or non-designated in the EEZ and the Continental shelf. This paper will analyse the implementations of the new amended notification. It will also compare the new notification with the other notifications of the Customs & Excise Act and Income Tax Act for drawing an extent of the applicability of the act to the territory of India, whether or not Service Tax can be charged for an area outside the territorial waters.
Service tax continues to be a complex tax law. The makers of law, in effort to project GST as the future law, preferred to ignore the agony of the tax payer in its current form.
The way things are moving GST is not slated to be a better tax law and shall give more pain than relief. The debate on GST is going to be a long battle. Advisable to digest the present service tax law as in all probability it would form basis for the new law.
There are so many changes done by Finance Bill, 2016 in various Act's. Provisions for service tax has also been amended or proposed to be amended. This budget was much awaited because a massive change is awaiting in the form of GST. Looking, to the large number of changes, we have consolidated changes with respect to Service tax in one presentation. Changes are classified according to subject in order to ensure ease of understanding.
Meaning of the term "Service" in Service tax as per Finance Act, 1994Abhinav Chhabra
A comprehensive analysis of the definition of the term "Service" as per Finance Act, 1994. This presentation will guide about what all are the services that can be liable to service tax subject to other provisions of the Finance Act, 1994.
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
There are so many changes done by Finance Bill, 2016 in various Act's. Provisions for service tax has also been amended or proposed to be amended. This budget was much awaited because a massive change is awaiting in the form of GST. Looking, to the large number of changes, we have consolidated changes with respect to Service tax in one presentation. Changes are classified according to subject in order to ensure ease of understanding.
Meaning of the term "Service" in Service tax as per Finance Act, 1994Abhinav Chhabra
A comprehensive analysis of the definition of the term "Service" as per Finance Act, 1994. This presentation will guide about what all are the services that can be liable to service tax subject to other provisions of the Finance Act, 1994.
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
Service tax on Works Contract (Post Negative List)sandesh mundra
This article briefly explains the basics of service tax on works contract after the negative list regime. Also covering some of the old disputed issues in the service tax regime. It also touches upon the basic aspects of Cenvat Credit moreso in an environment, where both taxable and exempt services are being rendered.
Here we are with the Thirty fifth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Dear Patron,
Here we are with the Thirty forth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Dear Patron
Here we are with the Thirty third successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Dear Patron
Here we are with the Thirty second successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Here we are with the Thirtieth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Here we are with the Thirtieth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in thecontents. We would very much
appreciate your feedback which consistently helps us in improving and upgrading the contents.
Dear Patron
Here we are with the Twenty Sixth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
S.P.Nagrath & Co.
Arm’s length price (“ALP”) is nothing but a benchmark or a standard price meant for comparison with price charged or paid by assessee in international transactions with its associated enterprises. Since this standard price constitutes basis for making addition in hands of assessee on account of its international transactions with associated enterprises, legislature, in order to iron out creases, inserted proviso to section 92C(2); role of this proviso is to make such standard price or ALP, flexible and not rigid. It has been provided that if price actually charged or paid by assessee falls within plus/minus 5% range of such ALP or standard price, then no addition should be made.
On 16 March 2012, the Honorable Finance Minister of India presented in the Parliament the country's Finance Bill for 2012-13, containing proposals on direct and indirect taxes, and key policy initiatives.
In this regard, with pleasure we are presenting our annual India Budget publication. The publication summarizes the key changes announced by the Finance Minister in his speech.
Most direct tax proposals in the Finance Bill 2012 are proposed to be effective from the financial year commencing on 1 April 2012 unless specified otherwise and indirect tax proposals are effective immediately, unless specified otherwise
We hope you find it an interesting and informative read.
Team SPN
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
when will pi network coin be available on crypto exchange.
Service tax
1. 2012
Finance Act, 1994
SERVICE TAX
HIGHLIGHTS
Key amendments in Finance Act,1994 ( known as Service Tax) through Finance Bill,
2012 and its implications
2. 1) General Amendments(effective from 1st April,2012) (i) Negative List - Section 66D
(i) Service tax rate is increased from 10% to 12% plus (a) Services by Government or Local authority excluding the
cess @3%. Effective rate is 12.36%. following services to the extent they are not covered
(ii) Changes in the composition rate as follows elsewhere –
• Services by the department of Posts by way of speed
(a) Life insurance: 3 percent for the first year’s post, express parcel post, life insurance and agency
premium and 1.5 percent for the subsequent years’ services provided to a person other than Government
premium (earlier the rate was a flat 1.5)
• Services in relation to an aircraft or a vessel, inside or
(b)Money changing: existing rate proportionately
increased by 20 percent outside the precincts of a port or an airport
(c)Distributors or selling agents of lotteries: • Transport of goods or passengers; or
increased from INR 6000/ 9000 to INR 7000/ • Support services, other than services covered under
11000; and above mentioned clauses, provided to business entities
(d)Works contracts rate: increased from 4 to 4.8 (b) Services by the Reserve Bank of India
percent (c) Services by the foreign Diplomatic mission located in India
(d) Services relating to agriculture by way of –
• Agriculture operations directly related to production of
any agriculture produce including cultivation, harvesting,
2) Negative List Approach (Applicable from the threshing, plant protection or seed testing
Date to be notified after the enactment of • Supply of farm labour
Finance Bill, 2012) has been introduced vide new • Processes carried out an agriculture farm including
sections, namely 65B, 66B, 66C, 66D, 66E & 66F. tending, pruning, cutting, harvesting, drying, cleaning,
Services specified in the negative list as well as trimming, sun drying, fumigating, curing, sorting, grading,
Proposed Exempted List shall remain outside the cooling or bulk packaging and such like characteristics of
purview of the Service tax. All other services except agricultural produce but make it only marketable for the
those specifically exempted would be chargeable primary market
to service tax. • Renting or leasing of agro machinery or vacant land with
or without a structure incidental to its use
• Loading, unloading, packing, storing or warehousing of
agriculture produce
• Agriculture extension services
• Services by any Agricultural Produce marketing
Committee or Board or services provided by a
commission agent for sale or purchase of agriculture
produce
3. (e) Trading of goods • Public transport, other than predominantly for tourism
(f) Any process amounting to manufacture or production of purpose, in a vessel of less than fifteen tonne net; and
goods • Metered cabs, radio taxis or auto rickshaw
(g) Selling of space or time slots for advertisements broadcast (p) Services by way of transportation of goods -
by radio or television • By road except the services of-
(h) Services by way of access to a road or a bridge on payment o A goods transportation agency; or
of toll charges o A courier agency
(i)Betting, gambling or lottery • By an aircraft or a vessel from a place outside India to the
(j)Admission to entertainment events or access to amusement first customs station of landing in India; or
facilities • By inland waterways
(k) Transmission or distribution of electricity by an electricity (q) Funeral, burial, crematorium or mortuary services including
transmission or distribution utility transportation of the deceased.
(l)Services by way of- 3) Changes in Valuation Rules (effective after the
• Pre-school education and education up to higher enactment of Finance Bill,2012)
secondary school or equivalent
(I) Works Contract (Composition Scheme for payment of
• Education as a part of a curriculum for obtaining a Service Tax) Rules, 2007
qualification recognized by any law for the time being in force
• Education as a part of an approved education course Specific Valuation Rules to be introduced to determine
(m) Services by way of renting of residential dwelling for use as the valuation of services in specific cases.
residence Furthermore, certain specific inclusions/exclusions in
(n) Services by way of – the value of taxable services also to be introduced
• Extending deposits, loans or advances in so far as the under such rules.
consideration is represented by way of interest or discount
• Inter se sale or purchase of foreign currency amongst
banks or authorized dealers of foreign exchange or amongst
(II) Value of Taxable Services/ Abatement Services
banks and such dealers
(o) Services of transportation of passengers, with or without S. Description of Existing Propo CENVAT Credit)
accompanied belongings, by - N Services Taxable sed
• A stage carriage o Portion Taxab
• Railways in a class other than – le
o First class; or Portio
n
o An air conditioned coach;
1 Service portion 30% 40% All credits, except on
• Metro, monorail or tramway in the supply of inputs, of chapter 1 to
• Inland waterways food or any 22, will now be
other article available
4. human
consumption or a) Existing Rule 5 to be replaced with a new rule to
drink at a
restaurant
simplify the procedure for refund of unutilized credit
2 Service portion 50% 60% All credits, except on on the account of export
in the supply of inputs, of chapter 1 to b) Credit is being allowed on motor vehicles (except
food or any 22, will now be those of heading nos. 8702, 8703, 8704, 8711 and
other article available
human their chassis). The credit of tax paid on the supply of
consumption or such vehicles on rent, insurance and repair shall also
drink from be allowed
elsewhere ( c) Credit of insurance and service station is being
Outdoor
Catering) allowed to –
3 Convention 60% 70% All credits, except on i) Insurance companies in respect of motor vehicle
centre or inputs, of chapter 1 to insured and re-insured by them; and
mandap with 22, will now be ii) Manufacturers in respect of motor vehicles
catering available
4 Coastal 75% 50% No manufactured by them.
shipping d) Rule 4(1) and 4 (2) are being amended to allow a
5 Accomodation 50% 60% Credits on input service provider to take credit of inputs or capital
in hotel services allowed goods are delivered to him, subject to specified
6 Railways: New 30% All Credits will be
Passengers Levy allowed conditions
e) Rule 7 for input service distributors is being
amended to provide that credit of service tax
(III) Amendment in Rule 3 attributable to service used wholly in a unit shall be
distributed only to that unit and that the credit of
Rule 3 of Valuation rules will be applicable only in the cases
where valuation is not ascertainable. Prior to Finance Bill,
service tax attributable to service used in more than
2012 it has been advertently made applicable to situation one unit shall be distributed on pro rata basis.
where consideration received is not wholly or partly consisting f) The rate for CENVAT reversal for exempt services
of money. has been revised likewise from 5% to 6% in Rule 6
(3) of CENVAT Credit Rules, 2004.
g) Under Rule 14 “Interest can be levied only on
4) Changes in CENVAT Credit Rules ( effective from 1st CENVAT credit wrongly taken and utilized. Penalty
April, 2012) remains for even wrong taking.”
5. h) In Rule 9 (1) (e) CENVAT credit in respect of service and the obligation for payment periodically or from
tax paid under reverse charge allowed on the basis time to time.
of the payment challans. b) Incorporate a new residual rule to ascertain point of
taxation in cases where the same cannot be
ascertained by the rules prescribed.
5) Retrospective Changes effective from date of c) The “date of payment” has been defined. In normal
enactment of Finance Bill, 2012) circumstances this date shall be the earlier of the
dates of entry into books of accounts or actual credit
a) Rule 6(6A) of CENVAT Credit Rules, 2004 is being in the bank account.
given effect from February 10, 2006. This will d) An option has been provided to determine the point
neutralize the investigations or demands for reversal of taxation in respect of small advances up to Rs.
of credits in respect of services provided to SEZs for 1000, in excess of the amount indicated in the
the past. invoice, on the basis of invoice or completion of
b) Exemptions provided for the setting up of common service rather than payment.
facilities for treatment and recycling of effluents and e) In case of “Associated Enterprises”, where the
solid wastes by Notification 42/2011-ST dated 25th person providing the service is located outside India,
July, 2011 shall be made applicable effective June the point of taxation shall be the date of debit in the
16, 2005. books of accounts of the person receiving the
c) Repair of roads has been exempted from service tax service or date of making payment whichever is
by Notification 24/2009-ST dated 27th July, 2009. earlier.
Exemption relating to roads is extended for the f) Threshold Limit of Rs.10 Lacs will now be calculated
earlier period commencing from June 16, 2005. on the basis of first clearances up to Rs. 10 Lacs in
d) Service tax exemption has also been granted with terms of invoices raised. Earlier it was on the basis
retrospective effect on management, maintenance or of receipt.
repair service in relation to non-commercial
Government buildings from 16th June, 2005.
7) Amendments in Service Tax Rules, 1994( effective
6) Changes in Point of Taxation Rules, 2011 (effective from 1st April, 2012)
from 1st April, 2012)
a) Time limit for issuance of invoice under Rule 4A has
a) Definition of “Continuous supply of service” is been increased to forty five days for banking &
amended to capture the entire dimension of the financial institutions, for other thirty days.
concept, namely, the recurrent nature of services
6. b) Rule 6 (4A) is being amended to allow unlimited b) Monthly Return– Assesse other than Individual/
amount of permissible adjustments Firm/ LLP having Tax liability more than Rs. 25lakhs
c) In case of exporters, the period extended by the in immediately preceding financial year.
Reserve Bank of India on specific request is also
being included in the period for which the tax liability 9) Proposed Place of Supply Rules (effective from the
date to be notified after the enactment of Finance
is allowed to be deferred.
Bill, 2012)
d) LLPs have been treated as partnership firms for
• A new Section 66C which empowers the Central
service tax purpose. Government to make rules for determination of the
e) Benefit of depositing service tax on receipt of place of provision of service to be introduced as ‘Place
consideration by individuals and firms (including of Supply Rules, 2012’
LLP) has been extended to all services, provided the • Export of Service Rules, 2005 and Taxation of Services
turnover did not exceed 50 lakh INR in the previous (Provided from Outside India and Received in India)
financial year. Rules, 2006 proposed to be replaced by Place of
f) Where an option has been exercised by Service Supply Rules
provider under Point of Taxation Rules, 2011 in • Criteria to determine the place of provision of service
proposed to be classified under the following heads:
respect of amount received up to Rs. 1000 in excess
––Location of the service receiver
of the invoice value, then no invoice is required to be
––Place of performance of services (primarily involving
issued to such extent.
services related to any goods)
––Location of immovable property
––Place the where event is held (in the case of event
8) Service Tax Return(effective from the date to be related services)
notified after the enactment of Finance Bill, 2012) • Where both the service providers as well as the
a) Quarterly Return– recipient are located within the taxable territory then
i) Individual/Firm/LLP assessee – any amount of notwithstanding any of the above criteria, the place of
provision of service is to be the location of the recipient
tax liability in immediately preceding financial
of service
year.
• Special Rules proposed in respect of the following
ii) Assessee other than Individual/Firm/LLP – services:
Tax Liability less than Rs. 25 lakhs in ––Services provided by a banking company, or a
immediately preceding financial year. financial institution, or a non-banking financial
company, to account holders
––Telecommunication services provided to subscribers
7. ––Online information and database access or retrieval service provider is an individual/firm/LLP and the
services recipient is the body corporate. The services and
––Intermediary services portion of service tax payable by provider and
––Service consisting of hiring of means of transport, up recipient of services are as follows:-
to a period of one month
Sl. No. Description Service Service
––Goods transportation service
of service recipient provider
––Passenger transportation service
––Services provided on board a conveyance 1. Hiring of a
motor vehicle
10) Reverse charge Mechanism(Applicable from designed to
the Date to be notified after the enactment of carry
Finance Bill, 2012) passengers:
(a) with 100% NIL
a) The taxable territory has been defined and the abatement
service provided in that territory only will be liable to (b) without 40% 60%
service tax. Thus, services provided by any person abatement
from non-taxable territory to any business entity in .
taxable territory will be subject to service tax under 2. Supply of 75% 25%
reverse charge e.g. Services provided from state of manpower for
Jammu & Kashmir to business entity in taxable any purpose
territory will be liable for service tax subject to the
provisions of The Place of Supply Rules, 2012. 3. Works contract 50% 50%
b) Notification no. 15/2012-ST dated 17.3.2012 has service
been issued wherein the taxable services/ cases are
prescribed on which reverse charge method will be
applicable.
i) Services provided to business entities by
Government, individual advocates and arbitral 11) Other Legislative Amendment(effective from the
tribunal, date to be notified after the enactment of Finance
ii) Three services are being prescribed under Bill, 2012)
notification no. 15/2012-ST in respect of which
both service provider and service recipient will be a) Provision of Settlement Commission and Revisionary
considered as person liable to pay the service Authority brought under the Service Tax provisions.
tax on the basis of a fixed percentage. This There will an additional option to file for revision
amendment will be applicable only where the against order of Commissioner (Appeals) instead of
8. filing an appeal before the Tribunal (CEGAT) directly
for service tax matters.
b) Show Cause Notice Period extended from one year
to 18 months.
c) Time Limit for filling an appeal before the
Commissioner (Appeals) reduced to 2 months, with
delay condonation for one month.
Time Limit for filling appeal before Tribunal, for
department, enhanced from 3 to 4 months.
d) Mens Rea required for prosecution. Earlier providing
taxable service without issuing an invoice was an
offence. Now the clause (a) of section 89(1) is
substituted as “Knowingly evades the payment of
service tax under this chapter”.