Bimal Jain, FCA, ACS, LLB

Changes to give effect of implementation of Paradigm shift in Taxation of Services – New Notifications

Yesterday, the TRU has issued number of Notifications to give effect of implementation of Paradigm shift in taxation of Services –Budget 2012 by way of either rescinding or amending old Notifications including some of recently issued Notifications during the time of Budget 2012 i.e. 17th March, 2012, which were supposed to come into force from the date on which the new Section 66B (the new charging Section) i.e. 1st July 2012.

Quick glance of Notification issued yesterday:-

Notification No.                                         SUBJECT
40 Exemption to services received in SEZ
39 Rebate of Service Tax – conditions, limitations and procedures specified
38 “telecommunication service and service portion in execution of a works contract” to be treated as continuous supply of service
37 Point of Taxation Rules, 2011 amended – agreed to be provided added
36 Service Tax Rules amended
35 Works Contract Composition Rules, 2007- Rescinded Notification no. 32/2007-ST
34 81 Service Tax Notifications Rescinded
33 Small Scale Exemption up to 10 Lakhs notified – Supersession of Notification 06/2005-ST
32 Exempts services provided by a Technology Business Incubator (TBI) or a Science and Technology Entrepreneurship Park (STEP)
31 Exempts certain services received by exporter of Goods
30 Extent of tax payable by provider and receiver for certain services notified – Supersession of Reverse Charge Notification 15/2012-ST
29 Exemption to Property tax paid on renting of immovable property – supersession of Notification No. 24/2007-ST
28 Place of Provision of Services Notified – Rescind Export & Import of Services
27 Services provided to Foreign Diplomatic Missions Exempted
26 25% Abatement for Construction of Complex; Abatement for 11 other services notified – Supersession of Abatement Notification No. 13/2012-ST
25 Sulabh Complexes and many other services exempted – Supersession of Mega Exemption Notification 12/2012-ST

So, be ready with your diagnosis of these Notifications to implement paradigm shift in taxation of Services w.e.f. from 1st July, 2012.

Bimal Jain
FCA, ACS, LLB, B.Com (Hons)
Mobile: +91 9810604563

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