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Union Budget 2017 - Changes in Service Tax - reg.

Service Tax - F. No.334/7/2017-TRU - Dated:- 1-2-2017 - F. No.334/7/2017-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *** Amitabh Kumar Joint Secretary (Tax Research Unit) Tel: 011-23093027; Fax: 011-23093037 E-mail: amitabh.kumar@nic.in D.O.F. No. 334/7/2017-TRU New Delhi, dated February 1st, 2017 Dear Madam/Sir, Subject: The Finance Minister has, while presenting the Union Budget 2017-18, introduced the Finance Bill in the Lok Sabha on the 1st of Februa .....

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agraphs. These changes are categorized below based on the above criterion: (i) Changes coming into effect immediately w.e.f. the 2nd day of February, 2017; (ii) The amendments which will get incorporated in the Finance Act, 1994 on enactment of the Finance Bill, 2017 [paras 3.1, 3.2, 3.3 and 4]; (iii) Certain fresh entries and amendments to existing entries in notification No. 25/2012-ST, will come into effect on the day Finance Bill receives assent of the President. The salient features of the .....

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d by incorporating them in the general exemption notification (Notification No. 25/2012-ST as amended by notification No. 07/2017-ST, dated 2nd February, 2017 refers). (b) Consequently, the definition of process amounting to manufacture [clause (40) section 65B] is also proposed to be omitted from of the Finance Act (Clause 120 of the Bill refers) and is being incorporated in the general exemption notification (Notification No. 25/2012-ST as amended by notification No 07/2017-ST, dated 2nd Febru .....

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se 122 of the Bill refers) (b) Section 245P of the Income-tax Act, 1961 provides that no proceeding before, or pronouncement of advance ruling by the Authority for Advance Ruling would be invalidated on the ground merely due to any vacancy or defect in the constitution of the Authority. In view of the same, Section 96B relating to vacancies not to invalidate proceedings is being omitted. (Clause 123 of the Bill refers) (c) Sub-section (3) of section 96C is being amended so as to increase the app .....

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applications before the Authority for Advance Rulings (Central Excise, Customs and Service Tax) to the Authority constituted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance Bill, 2017 receives the assent of the President. (Clause 126 of the Bill refers) 3.3 Repeal of Research and Development Cess Act, 1986 (a) Research and Development Cess Act, 1986 (32 of 1986) is proposed to be repealed. (Clauses 139 to 142 of the Fi .....

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port of technology on which Research and Development Cess is not payable. Full service tax along with cesses (Swachh Bharat Cess and Krishi Kalyan Cess) would be applicable to such taxable service. 4. Other Legislative provisions: (a) Service tax exemption to taxable services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the Central Government, is be .....

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name) payable for grant of long-term lease of industrial plots (30 years or more) by State Government industrial development corporations/ undertakings to industrial units was exempted. (Clause 127 of the Bill refers) (c) Rule 2 A of Service Tax (Determination of Value) Rules, 2006 is being amended with effect from 01.07.2010 so as to make it clear that value of service portion in execution of works contract involving transfer of goods and land or undivided share of land, as the case may be, sh .....

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ion No. 25/2012-ST dated 20.06.2012, is being amended so as to omit the word residential appearing in the notification. The exemption remains the same in all other respects. S. No. 9B of notification No. 25/2012-ST exempts services provided by Indian Institutes of Management (IIMs) by way of two year full time residential Post Graduate Programmes (PGP) in Management for the Post Graduate Diploma in Management (PGDM), to which admissions are made on the basis of the Common Admission Test (CAT), c .....

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of the Regional Connectivity Scheme (RCS) as notified by Ministry of Civil Aviation. (New entry at S. No. 23A of notification No. 25/2012-ST refers) 6. Rationalisation measure: (a) Explanation-I (e) applicable to sub-rule 3 and 3A of Rule 6 of CENVAT Credit Rules, 2004 is being amended so as to exclude banks and financial institutions including NBFCs engaged in providing services by way of extending deposits, loans or advances from its ambit. It has been provided in the said explanation that val .....

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