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SERVICE TAX

Bill - Memorandum Explaining the Provisions in The Finance Bill, 2017 - Bill - A. Legislative changes Existing Proposed 1. The Negative List entry in respect of services by way of carrying out any process amounting to manufacture or production of goods excluding alcoholic liquor for human consumption , is proposed to be omitted. However, the same entry is being placed in exemption notification No. 25/2012- dated 20th June, 2012. Consequently, the definition of process amounting to manufacture [c .....

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2004, the date when services of life insurance became taxable (Clause 127 of the Bill refers). 14% Nil 3. Benefit of the exemption notification No. 41/2016-ST dated 22.09.2016 is being extended with effect from 1.6.2007, the date when the services of renting of immovable property became taxable. Notification No.41/2016-ST dated 22.09.2016, exempts one time upfront amount (called as premium, salami, cost, price, development charges or by whatever name) payable for grant of long-term lease of ind .....

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e of land (Clause 128 of the Bill refers). 4.2% 4.2% B. Other Legislative Changes regarding Authority for Advance Ruling Clause of Finance Bill, 2017 5. Clause (d) of section 96A is being amended so as to substitute the definition of Authority to mean the Authority for Advance Ruling as constituted under section 28E of the Customs Act, 1962. [122] 6. Section 96B relating to vacancies not to invalidate proceedings is being omitted. [123] 7. Sub-section (3) of section 96C is being amended so as to .....

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cise, Customs and ) 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. [126] C. New Exemptions 1. 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 being exempted from f .....

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