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REVERSE CHARGE MECHANISM AN UPDATE

Service Tax - By: - Mr.M. GOVINDARAJAN - Dated:- 2-4-2016 Last Replied Date:- 6-4-2016 - Reverse Charge Mechanism Section 68 (1) of Chapter V of Finance Act, 1994 ( Act for short) provides that every person providing taxable service to any person shall pay service tax at the rate specified in section 66B (at present 14% - SBC - 5%) in such manner and within such period as may be prescribed. Section 68(2) introduced the reverse charge mechanism concept. The said section provides that Notwithstan .....

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may notify the service and the extent of service tax which shall be payable by such person and the provisions of this Chapter shall apply to such person to the extent so specified and the remaining part of the service tax shall be paid by the service provider. Notification The Central Government, by virtue of powers given under Section 68(2) to it, notified some services under which the Government fixed the percentage payable by the service provider as well as the service recipient vide Notific .....

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ent to any person carrying on the insurance business; Services provided or agreed to be provided by a recovery agent to a banking company or a financial institution or a non-banking financial company; Services provided or agreed to be provided by a selling or marketing agent of lottery tickets in relation to a lottery in any manner to a lottery distributor or selling agent of the State Government under the provisions of the Lottery (Regulations) Act, 1998; Services provided or agreed to be provi .....

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r; any body corporate established, by or under any law; or any partnership firm whether registered or not under any law including association of persons; Services provided or agreed to be provided by,- an arbitral tribunal, or a firm of advocates or an individual advocate other than senior advocate, by way of legal services, or Government or local authorityexcluding,- renting of immovable property, and services specified insub-clauses (i), (ii) and (iii) of clause (a) of section 66D of the Finan .....

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Undivided Family or partnership firm, whether registered or not, including association of persons, located in the taxable territory to a business entity registered as body corporate, located in the taxable territory; Services provided or agreed to be provided by a person involving an aggregator in any manner Services provided or agreed to be provided by any person which is located in a non-taxable territory and received by any person located in the taxable territory; Extent of liability The Gov .....

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a financial institution or a non-banking financial company NIL 100% 11.07.2014 3 Services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company NIL 100% 01.04.2015 to 31.03.2016 4 Services provided or agreed to be provided by a selling or marketing agent of lottery tickets in relation to lottery in any manner to a lottery distributor or selling agent of the State Government under the provisions of the Lottery (Regulations) Act, 199 .....

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2016 9 Services provided or agreed to be provided by a director of a company or a body corporate to the said company or the body corporate NIL 100% 11.07.2014 10 Services provided or agreed to be provided by Government or local authority excluding,- (1) renting of immovable property, and (2) services specified in sub-clauses (i), (ii) and (iii) of clause (a) of section 66D of the Finance Act,1994 NIL 100% 01.07.2012 11 Services provided or agreed to be provided by way of renting of a motor vehic .....

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d or agreed to be provided in service portion in execution of works contract 50% 50% 01.07.2012 15 Any taxable services provided or agreed to be provided by any person who is located in a non taxable territory and received by any person located in the taxable territory NIL 100% 01.07.2012 16 Any service provided or agreed to be provided by a person involving an aggregator in any manner NIL 100% 01.04.2015 Two explanations are given in the Notification. Explanation 1 provides that the person who .....

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