Service Tax News, Articles, Notifications and Forms

  • Aug
  • 28
  • 2014

Service Tax on Advertisement and Exchange Rate for Valuation – Clarification

Added In Service Tax
D.O.F. No. 334/15/2014-TRU Dated: August 25, 2014 Subject: Union Budget 2014-15: enactment of the Finance (No.2) Bill -reg. The Finance (No.2) Bill, 2014 received the assent of the President of India on 6th August, 2014 and has been enacted as the Finance (No.2) Act, 2014 [Act No.25 of 2014] [hereinafter referred to as the said […]

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  • Aug
  • 27
  • 2014

Service Tax – Point of taxation rules (POT)- At a glance

Added In Service Tax
Point of taxation is determined on the basis of earlier of following events (Rule 3) :- a)       The time when the invoice for the service provided or to be provided is issued OR b)       Where the person providing the service, receives a payment Provided that the invoice has been issued within 30 (45 in case […]

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  • Aug
  • 27
  • 2014

Important Service Tax amendments applicable from 1st October, 2014

Added In Service Tax
Hence, 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.

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  • Aug
  • 27
  • 2014

Changes in Negative List & Service Tax Rules wef 01.10.2014

Added In Service Tax
SERVICES PROVIDED BY RADIO TAXIS: Earlier, radio taxis were excluded from the purview of service tax by virtue of section 66D(o)(vi) of Finance Act,1994; However, in the Finance (No.2) Act, 2014, enacted on 6th August, 2014, the said section was amended & the radio taxis got deleted, resulting in levy of service tax thereupon. However, effective date wasn’t notified. Now, the same has been notified as 1st October,2014;

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  • Aug
  • 25
  • 2014

Notification – Service Tax on Advertisement & Rate of exchange for valuation of services

Added In Service Tax
Notification No. 18/2014-ST – dated 25th August, 2014 – Seeks to notify the date on which Clauses A, B, C of the section 114 of the Finance (No.2) Act 2014 becomes effective  Clause A & B of Finance Act, 2014 for Services of radio taxi and services of advertisement other than selling of space for […]

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  • Aug
  • 25
  • 2014

Service Tax- Rate of exchange for determination of value of taxable service wef 01.10.2014

Added In Service Tax
Notification  No. 19/2014-ST- dated 25th August, 2014 – Seeks to amend the Service Tax Rules, 1994 to insert rule of determination of rate of exchange and power to issue supplementary instruction With effect from 01.10.2014 Rate of exchange for determination of value of taxable service shall be as per the generally accepted accounting principles instead […]

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  • Aug
  • 20
  • 2014

Haj and Mansarovar pilgrimage gets Service Tax exemption

Added In Service Tax
The Government exempts vide Notification No.17/2014 – Service Tax dated 20.08.2014 Services by Kumaon Mandal Vikas Nigam Limited and the Haj Committee in respect of a religious pilgrimage facilitated by the Ministry of External Affairs of the Government of India, under bilateral arrangement.

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  • Aug
  • 18
  • 2014

Service Tax – Finance Act, 2014 makes Advertisements Costly

Added In Service Tax
The Finance Bill, 2014 received assent from Hon’ble President on 6th of August 2014. The main impact of this budget leads to make the advertisements costly. As per Section 66D(g) selling of space for advertisements in print media is only falls under Negative List. The definition of “print media”as per Section 65B(39a) states as follows:

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  • Aug
  • 18
  • 2014

Lease Rent When Vat Is Charged, Not Liable To Service Tax

Added In Service Tax
A. PERCEPTIVE OF TERMING IT AS SALE Article 366(29A)(c) of Constitution: Such delivery of goods on hire purchase or any system of payment on installment shall be deemed as “Sale of Goods” 2. Power to levy tax on sales is vested to State Governments under Entry 54 of List II and thus VAT has been […]

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