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AMENDMENTS TO SERVICE TAX RULES 1994

Budget - By: - Mr. M. GOVINDARAJAN - Dated:- 3-3-2016 - Vide Notification No. 19/2016-Service Tax, dated 01.03.2016 the Central Government makes some amendments to Service Tax rules, which will come into effect from 01.04.2016. Payment under Reverse Charge mechanism Rule 2(1) (d) defines the term person liable for paying service tax . Rule 2(1) (d) (i) provide the list of the persons liable for paying service tax under reverse charge mechanism under Section 68 (2) of Finance Act, 1994. Rule 2(1) .....

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rvices provided or agreed to be provided by- an Arbitral Tribunal; or a firm of Advocates or an individual advocate other than a senior Advocate by way of legal services. Before Notification only business entity which receives legal services is liable to pay service tax under reverse charge mechanism. Now all the persons who receives legal services is liable to pay service tax under reverse charge mechanism. The Notification seeks to omit Rule 2(1)(d)(i) (EEA) which provides that the recipient o .....

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y of the month if the duty is deposited electronically through internet banking, or, in any other case, the 5th day of the month, as the case may be, immediately following the quarter in which the service is deemed to be provided as per the rules framed in this regard. Clause (2)(i) (a) of the Notification proposes for the substitution for the words assessee is an individual or proprietary firm or partnership firm in the first proviso to Rule 6(1) by the following: assessee is a one person compa .....

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vides for the option for the individuals and partnerships whose aggregate value is less than ₹ 50 lakhs or less to pay the service tax monthly or quarterly. The amendment adds the One Person Company along with individuals and partners to excise this option of paying service tax either monthly or half yearly. Provisional assessment Rule 6(4) provides for the provisional assessment of service tax. This Rule provides that for the purpose of provisional assessment the provisions of the Central .....

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r carrying life insurance business to pay the service tax on option. The Notification inserts Rule 7A(ia) after Rule 7A(i) which provides that an insurer carrying life insurance business shall have the option to pay in case of single premium annuity policies other than in Rule 7A(i) 1.4% of the single premium charged from the policy holder. Annual Return Rule 7 (1) provides that every assessee shall submit a half yearly return in Form - ST -3 which is to be filed electronically as per Rule 7(3). .....

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