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Budget V- Snapshot of changes from 01.04.2015

Service Tax - By: - CA Akash Phophalia - Dated:- 4-3-2015 - Exemptions The exemption presently available on specified services of construction, repair, maintenance, renovation or alteration services provided to the government, a local authority, or .....

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folk or classical art form of (i) music, or (ii) dance or (iii) theatre, will be limited only to such cases where amount charged up to ₹ 1,00,000 for a performance. Exemption to transportation of food stuff by rail, or vessels or road will be .....

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tual fund agent to a mutual fund or assets management company ; Distributor to a mutual fund or AMC; Selling or marketing agent of lottery ticket to a distributor. Service tax on these services shall be levied on reverse charge basis. Exemption is .....

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. Certain new exemption have been introduced. The scope of health care services is being widened to include all ambulance services. Life insurance service provided by way of Varishtha Pension Bima Yojna is being exempted. Services provided by a C .....

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ssion to a museum, zoo, national park, wild life sanctuary and a tiger reserve is being exempted. These services when provided by the government or local authority are already covered by the Negative list. Service provided by way of exhibition of mo .....

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exempt such services when provided for transport of export goods by road from the place of removal to a land customs station (LCS). Abatements The abatement rate for transport of goods by rail, road and vessel has been rationalized and a uniform rat .....

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ransport of passengers for classes other than economy class. Abatement on service related to Chit has been withdrawn and now chit fund foreman have to pay full rate of service tax. However, he can claim CENVAT credit as per rules. Reverse Charge Mec .....

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