TMI BlogBudget 2012-2013 – Deemed value of taxable service - Abatement.X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 2012-2013 – Deemed value of taxable service - Abatement. - By: - C.A. Surender Gupta - Service Tax - Dated:- 24-3-2012 - - Budget 2012-2013 Deemed value of taxable service - Abatement Notification no. 13/2012 ST ( available on www.taxmanagementindia.com ) (To be effective from Date to be notified after enactment of Finance bill 2012 ) Value of the following taxable service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s for the purpose of levy of service tax would be calculated at percentage specified in the Table subject to the relevant conditions specified Sl. No. Description of taxable service Deemed value - Existing % Proposed % Conditions 1 Financial leasing services including equipmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t leasing and hire purchase 10 ( Nft 4/2006 ) 10 Nil. 2 Transport of goods by rail 30 ( Nft 1/2006 ) 30 Nil. 3 Transport of passengers by rail New levy 30 Nil. 4.1 Catering in a premises, including hotel, convention center, club, pandal, shamiana or any place specially arranged for organizing a f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unction Convention center or mandap catering- 60 pandal or shamiana catering 70 ( Nft 1/2006 ) 70 CENVAT credit on any goods classifiable under chapter 1 to 22 used for providing the taxable service is not allowed 5 Transport of passengers by air Upto 31.03.2012 Domestic travel max Rs 150 International Travel max Rs 750 ( Nft 26/2010 ) 40 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CENVAT credit on inputs and capital goods, not allowed w.e.f. 01.04.2012 All Class Exemption 60% Levy of ST on 40% ( Nft 6/2012 ) 6 Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes. 50 ( Nft 1/2006 ) 60 CENVAT credit on inputs and capital goods, not allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 Transport of goods by road by Goods Transport Agency 25 ( Nft 13/2008 ) 25 No CENVAT credit Exempt (i) when gross amount charged on consignments not exceeding Rs 1500, or (ii) gross amount charged on individual consignment not exceeding Rs 750 - ( Nft 034/04 ) 8 Services provided in relation to chit 70 ( Nft 1/2006 ) 70 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No CENVAT credit 9 Renting of any motor vehicle designed to carry passengers 40 ( Nft 1/2006 ) 40 No CENVAT credit 10 Transport of goods in a vessel from one port in India to another 75 ( Nft 1/2006 ) 50 No CENVAT credit. 11 (i)Services provided by a tour operator in relation to a package tour 25 ( Nft 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2006 ) 25 No Cenvat Credit (ii)Services by a tour operator in relation to a tour, solely of arranging or booking accommodation for any person in relation to a tour 10 ( Nft 1/2006 ) 10 No Cenvat Credit (iii) Services, other than services specified in (i) and (ii) above, provided to any person, by a tour operator in relation to a to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur 40 ( Nft 1/2006 ) 40 No Cenvat Credit - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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