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New Service tax rate of 14% is not effective immediately and shall come into effect only from a date to be notified later

Service Tax - By: - Bimal jain - Dated:- 2-4-2015 Last Replied Date:- 23-5-2015 - Dear Professional Colleague, : The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Secondary and Higher Secondary Education cess. Further pursuing with Mr. Narendra Modi s Dream of Swachh Bharat, a new Chapter VI has been inserted in the Finance Bill, 2015 that contains a new levy of cess called the Swachh Bharat Cess which may be .....

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tive from April 1, 2015 for easy digest: A: Exemption widened on Service provided by transport of export goods by road from the place of removal to a land customs station (LCS) vide Notification No. 4/2015-ST dated 1-03-2015: Goods transport agency service provided for transport of export goods by road from the place of removal to an inland container depot, a container freight station, a port or airport is exempt from Service Tax vide notification No. 31/2012-ST dated 20-6-2012. Scope of this ex .....

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t needs to pay Service tax under Reverse Charge on services received from selling or marketing agents of lottery tickets - Rule 2(1)(d)(i)(EEB) inserted C: Changes in Mega Exemption Notification No. 25/2012-ST dated 20-06-2012 vide Notification No. 6/2015-ST dated 01-03-2015 Exemptions Withdrawn: Entry 12: Services provided to the Government, a Local authority or a Governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, .....

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ay of construction, erection, commissioning, or installation of original works pertaining to an airport or port. Entry 29: Services by following persons in respective capacities: Mutual fund agent to a mutual fund or asset management company; Distributor to a mutual fund or asset management company; Selling or marketing agent of lottery tickets to a distributer or a selling agent. Service tax on the above stated services shall be levied under Reverse Charge Mechanism on Mutual fund or Asset Mana .....

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rged is not exceeding ₹ 1,00,000/- for a performance (except brand ambassador) Entry 20: Exemption under Entry 20(i) substituted, transportation of food stuffs by rail or vessels from one place in India to another will be limited to milk, salt and food grains including flours, pulses and rice. [Earlier Entry 20(i): foodstuff including flours, tea, coffee, jaggery, sugar, milk products, salt and edible oil, excluding alcoholic beverages]. Entry 21: Exemption under Entry 21(d) substituted, f .....

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cal establishment was exempt from Service tax. Entry 26A: Life insurance service provided by way of Varishtha Pension BimaYojna. Entry 43: Services by operator of Common Effluent Treatment Plant by way of treatment of effluent. Entry 44: Services by way of pre-conditioning, pre-cooling, ripening, waxing, retail packing, labelling of fruits and vegetables which do not change or alter the essential characteristics of the said fruits or vegetables. Entry 45: Services by way of admission to a museum .....

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-2012 New Entries under Full Reverse Charge Mutual Fund/ Asset Management Company needs to pay Service tax under Reverse Charge on services received from mutual fund agent/ distributor; Lottery Distributor or Selling Agent needs to pay Service tax under Reverse Charge on services received from selling or marketing agents of lottery tickets; From Partial Reverse Charge to Full Reverse Charge Manpower Supply and Security services provided by an individual, HUF, partnership firm or association of p .....

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f the value of such service subject to a uniform condition of non-availment of Cenvat credit on Inputs, Capital goods and Input services. Presently, Service tax is payable on 30% (in case of rail transport)/ 25% (in case of road transport)/ 40% (in case of transport by vessels). Further, there is no condition for availment of Cenvat credit on Inputs, Capital goods and Input services in case of transport by rail, which is now withdrawn. Reduction in abatement for classes other than economy class: .....

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ice tax shall be paid on full consideration received by the foremen of Chit fund effective from the date to be notified after the enactment of the Finance Bill, 2015 in view of corresponding amendment proposed in the definition of Service provided under Section 65B(44) of the Finance Act, 1994. Hope the information will assist you in your Professional endeavors. In case of any query/ information, please do not hesitate to write back to us. Thanks and Best Regards, Bimal Jain FCA, FCS, LLB, B.Com .....

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