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Home Acts & Rules Bill Bills FINANCE BILL, 2017 Chapters List Chapter V SERVICE TAX This
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Clause 127 - Insertion of new sections 104 and 105- Special provision for exemption in certain cases relating to long term lease of industrial plots-Special provision for exemption in certain cases relating to life insurance services provided to members of armed forces of Union - FINANCE BILL, 2017

FINANCE BILL, 2017
Chapter V
SERVICE TAX
  • Contents

Insertion of new sections  104 and 105.

127. In the 1994 Act, after section 103, the following sections shall be inserted, namely:-

Special provision for exemption in certain cases relating to long term lease of industrial plots.

 “104. (1) Notwithstanding anything contained in section 66, as it stood prior to the 1st day of July, 2012, or in section 66B, no service tax, leviable on one time upfront amount (premium, salami, cost, price, development charge or by whatever name called) in respect of taxable service provided or agreed to be provided by a State Government industrial development corporation or undertaking to industrial units by way of grant of long term lease of thirty years or more of industrial plots, shall be levied or collected during the period commencing from the 1st day of June, 2007 and ending with the 21st day of September, 2016 (both days inclusive).

(2) Refund shall be made of all such service tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times.

(3) Notwithstanding anything contained in this Chapter, an application for claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2017 receives the assent of the President.

Special provision for exemption in certain cases relating to life insurance services provided to members of armed forces of Union.

105. (1) Notwithstanding anything contained in section 66, as it stood prior to the 1st day of July, 2012, or in section 66B, no service tax shall be levied or collected in respect of taxable services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force, respectively, under the Group Insurance Schemes of the Central Government, during the period commencing from the 10th day of September, 2004 and ending with the 1st day of February, 2016 (both days inclusive).

(2) Refund shall be made of all such service tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times.

  (3) Notwithstanding anything contained in this Chapter, an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2017 receives the assent of the President.”.

 



 

Notes on Clauses:

Clause 127 of the Bill seeks to insert new sections 104 and 105 in the 1994 Act so as to––

(a) exempt service tax leviable on one-time upfront amount (premium, salami, cost, price, development charge or by whatever name called) in respect of taxable service provided or agreed to be provided by a State Government industrial development corporation or undertaking to industrial units by way of grant of long-term lease of thirty years or more of industrial plots, during the period commencing from the 1st day of June, 2007 and ending with the 21st day of September, 2016 (both days inclusive);

(b) extend service tax exemption on taxable services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the Central Government during the period commencing from the 10th day of September, 2004 and ending with the 1st day of February, 2016 (both days inclusive).

 
 
 
 
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