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BUDGET 2016-17 CHANGES FFECTIVE FROM 01.03.2016

Service Tax - By: - CA Akash Phophalia - Dated:- 1-3-2016 - 1. Restoration of certain exemptions withdrawn last year for projects, contracts in respect of which were entered into before withdrawal of the exemption. (a) Exemption from Service Tax on services provided to the Government, a local authority or a governmental authority by way of construction, erection, etc. of - (i) a civil structure or any other original works meant predominantly for use other than for commerce, industry, or any othe .....

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n, erection, commissioning or installation of original works pertaining to monorail or metro is being withdrawn, in respect of contracts entered into on or after 1st March 2016. 3. New Exemptions (a) Services by way of construction, erection etc. of a civil structure or any other original works pertaining to the In-situ Rehabilitation of existing slum dwellers using land as a resource through private participation component of Housing for All (HFA) (Urban) Mission / Pradhan Mantri Awas Yojana (P .....

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etc., of original works pertaining to low cost houses up to a carpet area of 60 sq.m per house in a housing project approved by the competent authority under the Affordable housing in partnership component of PMAY or any housing scheme of a State Government are being exempted from service tax. (d) Services provided by the Indian Institutes of Management (IIM) by way of 2 year full time Post Graduate Programme in Management(PGPM) (other than executive development programme), admissions to which .....

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uch media is required to be determined on the basis of the retail sale price (RSP) affixed on the package of such media under the Legal Metrology Act, 2009 (1 of 2010) or the rules made there under. In respect of transactions involving supply of such media bearing RSP, not amounting to sale/deemed sale, service tax is being exempted. Thus, only Central Excise duty is levied on such transactions. 5. The Point of Taxation Rules, 2011 have been framed under provisions of clause (a) and (hhh) of sub .....

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Act, 1994, and rules made thereunder, are invariably made applicable in relation to the levy and collection of the new levy. However, doubts have been raised regarding its applicability in case of new levy. Therefore, an Explanation is being inserted in Rule 5 stating that the same is applicable in case of new levy on services. (b) Further, in rule 5 of POTR, it is provided that in two specified situations the new levy would not apply. Another Explanation is being inserted therein stating that .....

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d input services used in providing a service by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India shall not be required to be reversed by the shipping lines. It may be mentioned here that this service presently qualifies as an exempted service on account of Rule 10 of Place of Provision of Supply Rules. Service by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India is being exc .....

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