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Budget 2012-2013 - Amendments in Service Tax

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Budget 2012-2013 - Amendments in Service Tax
C.A. Surender Gupta By: C.A. Surender Gupta
March 19, 2012
All Articles by: C.A. Surender Gupta       View Profile
  • Contents

Rate of Service Tax / Exemption from Service Tax

(w.e.f. 17-3-2012 or w.e.f. 1-4-2012)

(Notifications as amended available on www.taxmanagementindia.com)

Sr. No.

Particulars

Old Provisions

New Provisions

Effective Date

1.

Common facility set-up for treatment and recycling of effluents and solid waste with financial assistance from the central or state government.

ST ntf. 1/2012 amends ntf  42/2011

Only dying unit’s club or association were eligible

All club or association are eligible

17-3-2012

2.

Effective Rate of Service Tax

ST nft. 2/2012 rescinds nft. 8/2009

10%

12%

1-4-2012

3.

Exemption upto Rs. 10 Lacs in case small service provider – amends the term “Aggregate value” instead of “aggregate value not exceeding ten lakh rupees”

Nft. 5/2012 amends nft. 6/2005

Changes corresponding to POT Rules, 2011

1-4-2012

4.

Exemption in relation to air passenger transport

Nft. 6/2012 supersedes nft. 26/2012

Economy class

within India – maximum Rs. 150

Outgoing international – maximum Rs. 750

All Class

Exemption 60%

Levy of ST on 40%

1-4-2012

5.

Rail Transport

Notification no. 7/2012, 8/2012 & 9/2012

Exemption extended upto July 1, 2012

-

6.

Rate of ST on works contract – composition scheme

4%

4.8%

1-4-2012

 

By: C.A. Surender Gupta - March 19, 2012

 

 

 

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