Friday, March 30, 2012

Service Tax changes Notification wise summary Budget 2012


on Friday, March 30, 2012

As you all are aware that vide Finance Bill 2012, major amendments have been introduced in the service tax provisions, Our Do You Know SeriesTeam has made an attempt to acquaint you with the nature of amendments made via notifications recently issued vide union budget 2012-13.










“Journey of transformation should continue”

With Warm Regards

Atul Kumar Gupta
B Com (Hons) FCA, FICWA, MIMA
Former Chairman NIRC of ICAI
Former Chairman NIRC of ICWAI
Author of “An Introduction to Service Tax”
Author of “Comprehensive Guide to Service Tax”
Mobile : 9810103611
Email : atul@servicetax.net

Read How you can avoid 12.36 % Tax means cases where 10.30 % tax can be charged

15/2012-ST dated 17th March, 2012
Seeks to supercede the Notification No. 36/2004-Service Tax, dated the 31st December, 2004 so as to specify taxable services, and the extent of service tax payable thereon by person specified under section 68(2) of the Finance Act,1994.

14/2012-ST dated 17th March, 2012
Seeks to exempt the taxable service involving import of technology, from so much of the service tax leviable, as is equivalent to the amount of cess payable on the said import of technology under the provisions of section 3 of the Research and Development Cess Act, 1986 (32 of 1986), subject to certain conditions.
13/2012-ST dated 17th March, 2012
Seeks to provide exemption on specified taxable services, by way of abatement from taxable value for the purposes of calculating service tax, subject to the fulfilment of the prescribed conditions.
12/2012-ST dated 17th March, 2012
Seeks to exempt the following taxable services from the whole of the service tax

11/2012-ST dated 17th March, 2012
Seeks to amend the Service Tax (Valuation) Rules, 2006 to amend certain provisions under the Rules.
Read How you can avoid 12.36 % Tax means cases where 10.30 % tax can be charged
read Detailed Analysis of  Provisions related to works Contract ,Meaning , Valuation, effective Service Tax rate on works contract  and reverse charge on works contract wef 01.07.2012

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  1. We have implemented -- Service Tax changes Notification wise summary Budget 2012 !!

    ReplyDelete
  2. dere are only 15 notifications..... summary..
    issued notifications are 46 now... :(

    ReplyDelete
    Replies
    1. check 25-40 summary here

      http://www.simpletaxindia.net/2012/06/negative-list-service-tax-reverse.html


      further check complete notification from CBEC.Gov.IN

      Delete