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SERVICE TAX

SERVICE TAX . Amendments proposed by the Finance Bill 2007. CA. Pankaj Agrwal B.Com(Hons), LL.B. FCA. Proposed New Services. Telecommunication Service Services outsourced for mining or mineral, oil or gas Renting of Immovable Property Services in relation to Works Contract

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SERVICE TAX

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  1. SERVICE TAX Amendments proposed by the Finance Bill 2007 CA. Pankaj Agrwal B.Com(Hons), LL.B. FCA

  2. Proposed New Services • Telecommunication Service • Services outsourced for mining or mineral, oil or gas • Renting of Immovable Property • Services in relation to Works Contract • Development and supply of content for use in • Telecommunication service, • Advertising agency services • On-line information and database access or retrieval services.

  3. Proposed New Services • Asset management services • Design Services

  4. Enlargement of Scope • To include sale of space in business directories, yellow pages and trade catalogues • Renting of motor vehicles capable of carrying more than 12 persons • Social function to include “Marriage” • Computer Hardware engineering consultancy.

  5. Enlargement of Scope • Banking and financial services to include cash management services. • Financial Leasing defined. • Management consultancy to include business consultancy also. • Manpower recruitment service to include • Pre-recruitment screening • Verifying the credentials and antecedents of a candidate • Authenticity of documents.

  6. Enlargement of Scope • Repair services to include computer software.

  7. Exemption • Threshold limit enhanced from Rs. 4.00 lacs to 8.00 lacs • Accordingly, registration will be required if the annual turnover exceeds Rs. 7.00 lacs. • Resident Welfare associations where the monthly contribution does not exceed Rs. 3000/- per month exempted. • Services provided in relation to delivery of content of cinema in digital form after encryption, electronically.

  8. Exemption • Technical testing and analysis services provided in relation to testing of new drugs, including vaccines and herbal remedies, on human participants by a Clinical Research Organisation(CRO)

  9. Procedural Changes • Belated Return with Late Fees. • Cost Audit • To constitute of committee of commissioners for the purpose of reviewing the order passed by a commissioner of Central Excise (Appeals) or the adjudication orders passed by a Commissioner of Central Excise

  10. Procedural Changes • Provision for Excess Service Tax paid • Rectification of mistakes and revision of return. • Enabling the provision for submission of self attested copy of original registration certificate. • Reverse charge method in case of sponsorship service to restrict where the recipient of service is located in India.

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