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Revised Scope of Consideration

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 22-4-2015 Last Replied Date:- 30-12-1899 - Amendment made by Finance Bill, 2015 (w.e.f. notified date) Finance Bill, 2015 has amended the definition of service under clause (44) of section 65B. Explanation - 2 has been substituted as under: Explanation 2. - For the purposes of this clause, the expression transaction in money or actionable claim shall not include- (i) any activity relating to use of money or its conversion by cash or by any other m .....

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a foreman of chit fund for conducting or organising a chit in any manner.' Thus, the scope of transaction in money has been expanded to include both, transaction in money or actionable claim. By sub clause [a(ii)], a transaction in money or actionable claim are excluded from the meaning of service . With the new explanation, following services or activities have been carved out of the exclusion clause [a(ii)] and these shall now be taxable from a notified date : (a) money transactions for a .....

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nactment date) The definition of 'consideration' as provided in clause (a) of explanation to section 67 has been substituted to enlarge its scope and specifically provide that it would include reimbursement of expenses, subject to conditions as prescribed in rules and amount retained as margin or discount by the distributor or selling agent of lotteries, in addition to commission or discount received, i.e. difference in the face value of lottery ticket and price at which such distributor .....

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