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BUDGETARY CHANGES IN SERVICE TAX

Budget - By: - Mr. M. GOVINDARAJAN - Dated:- 1-2-2017 Last Replied Date:- 2-2-2017 - The Finance Minister submitted the budget for the financial year 2016 - 17 on 01.02.2017. In this article the changes brought out in the Finance Bill 2017 and in notification in respect of service tax are discussed. Changes in Finance Bill 2017 Omission of Sections The following sections are proposed to be omitted by the Finance Bill, 2017 ( Bill for short)- Clause 120 proposes to omit Section 65B(40) - Clause 1 .....

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ertion of new Sections The following clauses propose to insert new Sections in the Finance Act, 1994- Section 104 is a special provision for exemption in certain cases relating to long term lease of industrial plots. Section 105 is a special provision for exemption in certain cases relating to life insurance services provided to members of armed forces of Union. Clause 126 proposes to insert a new Section 96HAwhich is the transitional provision. The new Section provides that on and from the date .....

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1.07.2012 or in Section 66B, no service tax, leviable on one time upfront amount (premium, salami, cost, price, development charge or by whatever name called) in respect of taxable serviceprovided or agreed to be provided by a State Government industrial development Corporation or undertaking to industrial units by way of grant of long term lease of 30 years or more of industrial plots, shall be levied or collected during the period commencing from 01.06.2007 and ending with 21.09.2016 (both day .....

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at notwithstanding anything contained in Section 66, as it stood prior to 01.07.2012 or in Section 66B, no service tax shall be levied or collected in respect of 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, respectively under the Group Insurance Schemes of the Central Government, during the period commencing from 10.09.2004 and ending with 01.02.2016 (both days inclus .....

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lauses of the Bill propose to substitute certain provisions of the Finance Act, 1994- Clause 122 of the bill proposes to substitute the definition of Authority under Section 96A (d) - The newly substituted definition provisions that Authority means the Authority for Advance Rulings as defined in Clause (e) of Section 28E of the Customs Act, 1962; Clause124 of the bill proposes to substitute Section 96C(3) which deals with fee payable for Advance Ruling.The bill proposes to increase the fee to &# .....

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of property in such land or undivided share of land. Notification No. 7/2017-ST, dated 02.02.2017 This notification comes into effect from 02.02.2017. This notification makes certain amendments in Notification No. 25/2012-ST, dated 20.06.2012 which deals with mega exemption. The exemption vide Sl. No. 9B is being amended so as to omit the word residential appearing in the notification. The exemption remains the same in all other aspects. Sl. No. 9B exempts services provided by Indian Institutes .....

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heme Airport, against consideration in the form of Viability Gap Funding (VGF): Provided that nothing contained in this entry shall apply on or after the expiry of a period of one year from the date of commencement of operations of the Regional Connectivity Scheme Airport as notified by the Ministry of Civil Aviation. Clause 1(iii) of the Notification seeks to insert entry 26D after the entry 26C. The newly inserted entry 26D provides that services of life insurance business provided or agreed t .....

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