Certain amendments have been made in negative list of services in Union Budget 2015-16.4. Section 66D(j) provided exemption from service tax of service provided by way of admission to entertainment events or access to amusement facilities. In the negative list system all services are taxable and only those services that are mentioned under negative list are exempted./2012-Service Tax dated June 05, 2012. Extracts from Clause 143- Section 66D. (34) Negative list of services. Amendment in Negative List of Service Tax. 5. Notification No. 12/2015 Service Tax, Service Tax Exemption to Bima, Jan Dhan Yojna and.16 more than one lakh and fifty thousand rupees: Provided that the exemption shall not. apply to service provided by such artist as a brand ambassador. 6. Service Tax:.Revised Estimate of Service Tax for 2015-16 is210000 crore as against the Budget Estimate of.209774 crore.Negative List: A Negative List approach to taxation of services has been introduced with effect from 01.07.2012. Further the number of services covered under service tax have also increased substantially. The finance bill for the year 2015-16 has shown governmentsHowever, the existing exemption, by way of the Negative List entry, to service by way of admission to entertainment event, namely, exhibition of Negative List of Services under Service Tax. March 27, 2015 indiacaclub IDT Archives 0.Income Tax Slabs Rates for Assessment Year 2015-16. List of negative services under service tax.
(iv) any service , other than services covered under clauses (1) to (iii) above, provided to business entities (Amended by Finance Act, 2015 w.e.
f. from 01.04.2016 , vide Notification No. 06/2016-ST and Notification No. 15/2016-ST). Negative list of services (66D) under Service Tax. March 2, 2015.16. Services by way of transportation of goods Therefore subjected to service tax. To be in negative list a course should be recognized by an Indian law.Date of issuance of invoice by Pranav Desai. 29-7-2014 3-6-2015 16-6-2016. Solution. Date of receipt of payment from Hindustan Publishing House. All news articles files experts opinions about negative list of service tax 2016 at one place at your finger tips.News. Release of Income Tax Return Statistics for AY 2015-16 by CBDT. The rates of service tax for F Y 20015-16 are as under : Particulars. Existing rate (up to Revised rate(effective from. 31.5. 2015).As mentioned in our circular No 955 dt 18.3.2013, services provided by Government or local authority except a few specified services are covered by negative list. The negative list of service tax services also includes Aircrafts related services provided in and out premises of an airport.January 11, 2017 Manager 0. Deduction under section 80IC allowed to hotels under the category eco tourism. November 11, 2015 0. In the new system, all services, other than the services specified in the negative list, provided or agreed to be provided in the taxable territory by a person to another would be taxed under section 66B.16) Service relating to Transportation of Goods. Union Budget 2015-16. Key Features, Highlights, Changes in Service Tax. Service Tax rate increased to 14 from existing 12.CBEC Clarification on increased rate of 14 and Cess Click Here >>. II. Review of the Negative List. 1) Service tax to be levied on the service provided by way of access to Service tax reverse charge. Union budget 2015-16.Service tax would be levied on processes, unless otherwise specified in the negative list, not amounting to manufacture or production of goods carried out by a person for another for consideration. List of Services exempt from Service Tax. The negative list shall comprise of the following services, namely: (a) services by Government or a local authority excluding the following services to the extent they are not covered elsewhere Who is Exempt from Service Tax in India as Per the Negative List of Finance Ministry comprising 17 Services is discussed in this article.shrinivas on June 10th, 2014 16:32.Kirti N.Suthar on May 31st, 2015 18:18. I want to know regarding service tax for service provided by a contractor to a Negative List of Services There are 17 categories of services which are not chargeable to service tax 1. Services provided by Government/.Budget 2015-16 Prepared By VSH Associates-Team. Government or local authority to a business entity, except the services that are specifically exempted Home » Blog » Service Tax » Negative List of Service Tax.After that number of notifications has been issued to amend the Negative List. Here we have updated the latest Negative list of Service Tax 2016-17. The new legislation has brought new constraints and new challenges for the trade and department both. This presentation is to understand the complex system of taxation of service tax. Negative list. Registration of Service Tax.From 15 November 2015, the effective rate of service tax plus Swachh Bharat Cess, post introductionService tax is only liable to be paid in case the total value of the service provided during the financial year is more than 10 lakh (US16,000). However Service Tax Negative List specified services which is out of the ambit of service tax applicability i.e. service tax exemption without any condition.Cenvat Credit of Edu Cess and SHE Cess Can be used for payment of Service Tax after 01-06-2015. Changes related to Negative list of services which would make the following services liable to service tax: - Access to amusement facility(Notification No. 16/2015-Service tax dated 19 May, 2015). negative list and exemption notification.However, in cases where details are recorded in specified records from the period between 8 April 2011 to 14 May 2015, then penalty to be levied at 50 of service tax amount. MCTP 2015-16.This changed the taxation system of services from tax on some Selected services to tax being levied on the every service other than services mentioned in Negative list.Services Tax and Highlights of 122 nd Constitutional Amendment Bill, May, 2015 (CONCLUDED) Over view of Service Tax Negative ListDecisions Service Tax, Customs Excise - 16 October, 2015 Cenvat Credit Rules, 2004 under Excise and Service Tax and their relevance in GST - 20 Services, so notified, would be liable to effective rate of Service tax 16 as against the present rate of 12.36.Accordingly, amendments are proposed to be carried out in the relevant definition13 and negative list of services. 10Section 66D (j) of the Finance Act, 1994 11Notification No. 6/ 2015-ST Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. For payment of service tax under the new approach, a new Minor Head - All taxable Services has been allotted under the Major Head 0044-Service Tax.tax under reverse charge mechanism till 31 March 2016, as it was covered under the exclusions under the Negative List under section 66D of the Finance Act, 1994.Amendment will have the effect of widening the scope of exemption to such services provided prior to the period 2015-16. 16 2015 Global Tax Rate Survey. 2015 KPMG International Cooperative (KPMG International).Among the taxes being replaced are local service taxes, excise duties, cesses, state VATs, central sales taxes, import taxes, entertainment taxes and many more. Sunday, 1 March 2015. Budget 2015-16- All About Service Tax Proposals.On account of contrary views by Courts, Government has clarified by way of explanation in Definition of Service and Negative List to levy Service Tax on the services provided by 16. 12.Documents. Service tax negative concept icai final - Lakshminarayan.G. Business. Exempted Services Service Tax Negative List based taxation Goa Chamber of Commerce and Industry July 7, 2012. Service Tax Rate How Much Service Tax You Need To Pay. Government has fixed service tax rate at 14. Before 2015-16, it wast 12.36.Except some services of the negative list, all the services come under service tax net. However, Finance Minister Arun Jaitley has proposed no changes in personal income- tax rates for 2015-16 but brought some relief for the middle class tax To introduce 2 percent Swachh Bharat cess on Service Tax. Negative List under service-tax is being slightly pruned to widen the tax base. Under notification no. 26/2012, many services are fully exempt under exemption from mega notification and negative list of services.Income Tax Slabs Rates for Financial Year(FY) 2015-2016 Assessment Year (AY) 2016-17. Date of filing Form AOC-4, MGT-7 extended upto 30th Dec 2015. 500, service tax should be levied. Fully exemted services: Some services are still fully exempted after budget 2015-16. Those services are used by large people frequently.These services are still included in negative list. By Adarsh Mehta | December 4, 2015. 0 Comment. We all know that it is very tough to remember all the 17 heads of services mentioned in the Negative List of Service Tax, isnt it?Conclusion. As you can see, all the heads of services in the Negative List are beautifully embedded into thistax return 2011-12,9,INCOME TAX RETURN 2015-16,65,income tax return due date,18,INCOME TAXlist of taxable service,2,LIVE BUDGET STREAM 2011,1,LLP,9,LLP RATES,1,loan against fdr,4,loanNEFT,10,NEGATIVE LIST FOR TAX ON SERVICES,31,Net asset value,3,net banking,3 Other impact of this amendment will be to impose service tax on restaurants having air-condition facility irrespective of they have a license to serve alcohol or not, example of the same would be KFC, McDonalds. Changes in Service Tax, Indian Budget 2015-16.pdf.into effect as and when the amendments in the Negative List and revised rate of Service Tax come into effect and (vi) Chapter VI of the Finance Bill, 2015, regarding levy of Swachh Bharat Cess on all or any of taxable services that will come into Sunday, August 9, 2015. Negative List of Service Tax: Section 66D.Amendments as per Union Budget 2015-16 in the negative list. Access to amusement park is now deleted from negative list. Easily How to Remember Negative List of Service tax CA IPCC - Duration: 6:30. JAO junior accounts officer TRANSCO 16,007 views.Service Tax : Abatement - Duration: 8:29. Published 25 November 2015. Contents. 1. Bands of taxable income and corresponding tax rates.500. 3.
National Insurance contribution thresholds. 2015-16. On the basis of Analysis of above mentioned Notifications Updated List of Services Under Negative List as on 01.04.2015 on which no Service tax is payable 16. Services by an artist by way of a performance in folk or classical art forms of (i) music, or (ii) dance, or (iii) theatre, if the consideration Notification No. 20/2015-Service Tax, Dated- 21st October, 2015. Amendment in Negative List of Service Tax. 9.102 now any service to Construction of Govt. Building by contractor (MES ) from 1-4-15 to 29-02- 16 is exempted from service tax ? contract execute on may 2015 ? In order to avoid negative tax consequences (such as input VAT corrections), it should be analysed, whether the prospective tenants will render services which will enable input VAT deductions.The list of Non Cooperative States and Territories (NCST) has not been updated for FY 2015 yet. From 15 November 2015, the effective rate of service tax plus Swachh Bharat Cess, post introduction of Swachhof the service provided during the financial year is more than 10 lakh (US 16,000).Any service included under this section will be liable to service tax straight. Negative list. Auto Industry Concerned as Interest in India-EU FTA Revives. Press Trust of India | Monday March 16, 2015.Strong corporate response on fresh negative list of service tax: CBEC chairman. Service tax was a tax levied by Central Government of India on services provided or agreed to be provided excluding services covered under negative list and considering the Place of Provision of Services Rules, 2012 and collected as per Point of Taxation Rules Share the Love <3: Filed Under: Negative List, Service Tax Tagged With: Negatilve List of Service Tax, Service Tax Notification, Service Tax Updates, Service Tax Updates 2013.akhil says. March 16, 2015 at 4:03 pm. sevices provided to government institution is excempt from service tax sir.