TMI BlogAmendment of Act 32 of 1994X X X X Extracts X X X X X X X X Extracts X X X X ..... r body corporate or commercial concern, namely:- (i) financial leasing services including equipment leasing and hire-purchase; (ii) credit card services; (iii) merchant banking services; (iv) securities and foreign exchange (forex) broking; (v) asset management including portfolio management, all forms of fund management, pension fund management, custodial, depository and trust services, but does not include cash management; (vi) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers and acquisitions and advice on corporate restructuring and strategy; (vii) provision and transfer of information and data processing; and (viii) other financial services, namely, lending; issue of pay order, demand draft, cheque, letter of credit and bill of exchange; providing bank guarantee, over draft facility, bill discounting facility, safe deposit locker, safe vaults; operation of bank accounts; (b) foreign exchange broking provided by a foreign exchange broker other than those covered under sub-clause (a);'; (iii) for clause (19), the following clauses shall be substituted, namely:- '(19) "business auxiliary service" m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... used, or to be used, primarily for; or (ii) occupied, or to be occupied, primarily with; or (iii) engaged, or to be engaged, primarily in, commerce or industry, or work intended for commerce or industry, but does not include road, airport, railway, transport terminal, bridge, tunnel, long distance pipeline and dam;'; (viii) after clause (39), the following clause shall be inserted, namely:- '(39a) "erection, commissioning or installation" means any service provided by a commissioning and installation agency in relation to erection, commissioning or installation of plant, machinery or equipment;'; (ix) after clause (46), the following clause shall be inserted, namely:- '(46a) "forward contract" has the meaning assigned to it in clause (c) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952);'; (x) after clause (50), the following clauses shall be inserted, namely:- '(50a) "goods carriage" has the meaning assigned to it in clause (14) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988); (50b) "goods transport agency" means any commercial concern which provides service in relation to transport of goods by road and issues consignment note, by whatev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952);'; (xvii) for clause (101), the following clause shall be substituted, namely:- '(101) "stock-broker" means a person, who has either made an application for registration or is registered as a stock-broker or sub-broker, as the case may be, in accordance with the rules and regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);'; (xviii) clause (103) shall be omitted; (xix) after clause (104), the following clause shall be inserted, namely:- '(104a) "survey and exploration of mineral" means geological, geophysical or other prospecting, surface or sub-surface surveying or map making service, in relation to location or exploration of deposits of mineral, oil or gas;'; (xx) in clause (105),- (a) in sub-clause (a), for the words "to an investor", the words "to any person" shall be substituted; (b) in sub-clause (g), after the words "disciplines of engineering", the words "but not in the discipline of computer hardware engineering or computer software engineering" shall be inserted; (c) for sub-clause (zm), the following sub-clause shall be substituted, namely:- "(zm) to a custom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny mode of transport, and includes any person engaged in the business of operating tours in a tourist vehicle covered by a permit granted under the Motor Vehicles Act,1988 (59 of 1988) or the rules made thereunder; (115a) "travel agent" means any person engaged in providing any service connected with booking of passage for travel, but does not include air travel agent and rail travel agent;'; (b) for section 66, the following section shall be substituted, namely:- "66. Charge of service tax.-There shall be levied a tax (hereinafter referred to as the service tax) at the rate of ten per cent. of the value of the taxable services referred to in sub-clauses (a), (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m), (n), (o), (p), (q), (r), (s), (t), (u), (v), (w), (x), (y), (z), (za), (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi), (zj), (zk), (zl), (zm), (zn), (zo), (zq), (zr), (zs), (zt), (zu), (zv), (zw), (zx), (zy), (zz), (zza), (zzb), (zzc), (zzd), (zze), (zzf), (zzg), (zzh), (zzi), (zzj), (zzk), (zzl), (zzm), (zzn), (zzo), (zzp), (zzq), (zzr), (zzs), (zzt), (zzu), (zzv), (zzw), (zzx) and (zzy) of clause (105) of section 65 and collected in such manner as may be prescrib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the case may be, the Deputy Commissioner of Central Excise shall, after considering the representation, if any, made by the person on whom notice is served under sub-section (1), determine the amount of service tax due from, or erroneously refunded to, such person (not being in excess of the amount specified in the notice) and thereupon such person shall pay the amount so determined. (3) Where any service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded, the person chargeable with the service tax, or the person to whom such tax refund has erroneously been made, may pay the amount of such service tax, chargeable or erroneously refunded, on the basis of his own ascertainment thereof, or on the basis of tax ascertained by a Central Excise Officer before service of notice on him under sub-section (1) in respect of such service tax, and inform the Assistant Commissioner of Central Excise or, as the case may be, the Deputy Commissioner of Central Excise of such payment in writing, who, on receipt of such information shall not serve any notice under sub-section (1) in respect of the amount so paid: Provided that the Assistant Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of adjustment of the service tax after the final assessment thereof; (iii) in a case where any sum, relating to service tax, has erroneously been refunded, the date of such refund.'; (f) in section 74,- (i) in sub-section (4), for the words "an assessment or reducing a refund or otherwise increasing the liability of the assessee", the words "the liability of the assessee or reducing a refund" shall be substituted; (ii) in sub-section (6), for the word "assessment", the words "liability of an assessee or increasing the refund" shall be substituted; (iii) in sub-section (7), for the word "assessment", the words "liability of the assessee" shall be substituted; (g) in section 75, for the words "at the rate of fifteen per cent. per annum", the words "at such rate not below ten per cent. and not exceeding thirty-six per cent. per annum, as is for the time being fixed by the Central Government, by notification in the Official Gazette," shall be substituted; (h) section 75A shall be omitted; (i) in section 76, for the words "one hundred rupees", the words "one hundred rupees for every day during which such failure continues" shall be substituted; (j) for section 77, the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest demanded and penalty levied by any Central Excise Officer in the case to which the appeal relates is more than five lakh rupees but not exceeding fifty lakh rupees, five thousand rupees; (c) where the amount of service tax and interest demanded and penalty levied by any Central Excise Officer in the case to which the appeal relates is more than fifty lakh rupees, ten thousand rupees: Provided that no fee shall be payable in the case of an appeal referred to in sub-section (2) or sub-section (2A) or a memorandum of cross-objections referred to in sub-section (4). (6A) Every application made before the Appellate Tribunal,- (a) in an appeal for grant of stay or for rectification of mistake or for any other purpose; or (b) for restoration of an appeal or an application, shall be accompanied by a fee of five hundred rupees: Provided that no such fee shall be payable in the case of an application filed by the Commissioner of Central Excise or Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise, as the case may be, under this sub-section.". (q) in section 94, in sub-section (2), for clause (f), the following clauses shall be substituted, namely: ..... X X X X Extracts X X X X X X X X Extracts X X X X
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