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SERVICE TAX: ANALYSIS OF AMENDMENTS APPLICABLE WITH EFFECT FROM 01ST APRIL 2015

Service Tax - By: - Chitresh Gupta - Dated:- 28-3-2015 Last Replied Date:- 30-12-1899 - SERVICE TAX: ANALYSIS OF AMENDMENTS APPLICABLE WITH EFFECT FROM 1st APRIL 2015 The Finance Bill, 2015 has proposed lot of changes in Service tax provisions. These changes will be coming into effect on various dates. Based on date of applicability of provisions, the various changes can be categorized as follows: (i) Changes coming into effect immediately w.e.f. the 1st day of March, 2015; (ii) Changes coming i .....

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ation or antiquity; (b) canal, dam or other irrigation work; and (c) pipeline, conduit or plant for (i) water supply (ii) water treatment, or (iii) sewerage treatment or disposal. Hence, exemption to other services presently covered under S. No. 12 of notification No. 25/12-ST is being withdrawn. These services include services provided to government by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of: a civil .....

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uff by rail, or vessels or road will be limited to food grains including rice and pulses, flour, milk and salt. Transportation of agricultural produce is separately exempt, and this exemption would continue (S. Nos. 20 and 21 of notification No. 25/12-ST). Therefore, the services by way of transportation of foodstuff except milk, salt and food grain (including flour, pulses and rice) would be liable to service tax. 5. Exemptions are being withdrawn (S. No 29 of notification No. 25/12-ST) on the .....

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being exempted. (Amendment in entry at S. No. 26A of notification No. 25/12-ST refers) 3. Service provided by a Common Effluent Treatment Plant operator for treatment of effluent is being exempted. (New entry at S. No. 43 of notification No. 25/12-ST). 4. Services by way of pre-conditioning, pre-cooling, ripening, waxing, retail packing, labeling of fruits and vegetables is being exempted. (New entry at S. No. 44 of notification No. 25/12-ST). 5. Service provided by way of admission to a museum .....

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ULES, 2004 Amendment of Rule 4(7) : Earlier, as per rule 4(7), in case of service tax paid by the service receiver full reverse charge mechanism, CENVAT credit was allowed to be availed on making of service tax payment even if value of service is not paid to service provider. Similarly, in case of service tax paid under partial reverse charge mechanism, CENVAT credit was allowed to be availed on making payment of value of service as well as portion of service tax payable by the service receiver. .....

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ts management company or, as the case may be, by the mutual fund receiving such services. In respect of sub-agents of lottery, Service Tax shall be paid by the distributor or selling agent of lottery. RATIONALIZATION OF ABATEMENTS • At present, service tax is payable on 30% of the value of rail transport for goods and passengers, 25% of the value of goods transport by road provided by a goods transport agency and 40% for goods transport by vessels. The conditions also vary. A uniform abatem .....

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Transport of Passenger by air (Other than economy) 40% 60% • Abatement is being withdrawn from chit fund service. Consequently, Service Tax shall be paid by the chit fund foremen at full consideration received by way of fee, commission or any such amount. They would be entitled to take Cenvat Credit. SERVICE TAX - RATE CHANGES (effective from a date to be notified after the enactment of the Finance Bill, 2015) The rate of Service Tax is being increas .....

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Service Old Rate New Rate Air Travel Agent Domestic booking 0.6 per cent 0.7 per cent International booking 1.2 per cent 1.4 per cent Life insurance First year premium 3 per cent 3.5 per cent Subsequent year premium 1.5 per cent 1.75 per cent Money changing servic .....

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