The Finance (No.2) Bill, 2014 enacted into the Finance (No.2) Act, 2014 [No.25 of 2014]; assented by the President of India on August 6, 2014
Service Tax Changes applicable wef 06.08.2014
Changes In Chapter V of the Finance Act, 1994 (Will Come Into Force When the Finance Bill (No.2), 2014 is enacted):-
Changes in relation to the Negative list:-
· To broaden the tax base in Service tax, Sale of space or time for advertisements in broadcast media, namely radio or television, extended to cover such sales on other segments like online and mobile advertising, etc. Sale of space for advertisements in print media however would remain excluded from Service tax.
· Service provided by radio-taxis brought under the Service tax. The abatement presently available to rent-a-cab service would also be made available to radio taxi service, to bring them on par.