Electricity Exchanges

This article summarizes the service tax notifications issued in context of the effective date of implementation of the Finance Act, 2010. Finance Act, 2010 received Presidential assent on 8 May 2010 and eight new services have been brought within the ambit of service tax. Notification no. 24/2010 dated 22 June 2010 has specified the effective date of operation of the Finance Act 2010, as 1 July 2010. Full Article

Brief Notes on Service Tax amendments introduced through Finance Bill, 2010 and by virtue of Notification No 2/2010-ST to 17/2010-ST all dated 27.02.10 and CENVAT Credit Rules, 2004, amendment by virtue of 6/2010-CE (NT). It seems, in this budget 2010, finance minister want to wipe out country fiscal deficit in one stroke by overdosing taxation on services or on deemed service (by fiction of law). Full Article

Hon’ble Finance Minister Shri Pranab Mukharjee has introduced the Finance Bill, 2010 in the Lok Sabha on the 26th of February, 2010. Clause 75 and 76 of the said bill covers the legislative changes relating to Chapter V of Finance Act, 1994 (i.e. Service Tax). While some fresh exemptions from service tax have been granted, some existing exemptions have either been withdrawn or modified. All these changes have been notified under notification nos. 2/201 0–ST to 17/201.. Full Article

Following eight new services are proposed to be introduced: Services of promoting, marketing or organizing of games of chance, including lottery [Section 65 (105) (zzzzn)]. Health services, namely, health check up undertaken by hospitals or medical establishments for the employees of business entities; and health services provided under health insurance schemes offered by insurance companies.[Section 65 (105) (zzzzo)] Full Article