TMI BlogFINANCE ACT, 2014 = COSTLY ADVERTISEMENTSX X X X Extracts X X X X X X X X Extracts X X X X ..... FINANCE ACT, 2014 = COSTLY ADVERTISEMENTS - By: - Rishi Chanan - Service Tax - Dated:- 20-8-2014 - - The Finance Bill, 2014 received assent from Hon ble President on 6 th of August 2014. The main impact of this budget leads to make the advertisements costly. As per Section 66D(g) selling of space for advertisements in print media is only falls under Negative List. The definition of print m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edia as per Section 65B(39a) states as follows: (39a) print media means: book as defined in sub-section (1) of Section 1 of Press and Registration of Books Act, 1867, (25 of 1867), but does not include business directories, yellow pages and trade catalogues which are primarily meant for commercial purpose; newspaper as defined in sub-section (1) of section 1 of Press and Regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration of Books Act, 1867 (25 of 1867). As per the above scenario, the selling of space for advertisement in print media will be only exempt and print media will be followed as per above definition. Now, the advertisements will become costly. It has been leant from various sources that after 06.08.2014 some multiplexes have started collecting service tax from 6th August 2014 (i.e. the date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Presidential Assent to Finance Bill, 2014 ) on advertisement displayed on screens. The new levy would further extend to advertisements in internet websites, out-of-home media, on film screen in theatres, bill boards, conveyances, buildings, cell phones, Automated Teller Machines, tickets, commercial publications, aerial advertising, etc in a very broader sense. However, the consequences of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is amendment will have larger impact and it is hoped that Central Board of Excise and Customs will definitely clear this with a circular. Regards, Rishi Chanan, Advocate Mob:-098158-28244 - Reply By Akash Deep as = The collection of service tax by multiplexes is based on ignorance and hurried reading of the provisions of Finance Act, 1994 . The entry (g) in negative list has been ame ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded by way of substitution. section 114 (B) of the Finance Act, 2014 clearly provides that such substitution of entry (g) shall come i to effect from a date as the central government may appoint by notification in official Gazette. no such date has been notified by Central Government till now. in effect there is no substitution of entry (g) of negative list, till central government appoint a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date. Akash Deep 09873463912 Dated: 25-8-2014 - 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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