Budget VI - Effect on Reverse Charge Notification
BUDGET VI - Effect On Reverse Charge Mechanism:
New Law
New entry
The taxable services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company.
1st Day of April, 2015
New entry
1st Day of April, 2015
Paragraph I (A)(iv)(C)
Renting of immovable property , and
Services specified in sub clauses (i),(ii) and (iii) of (a) of section 66D of Finance Act, 1994.
1) Renting of immovable property, and
2) Services specified in sub- clauses (i),(ii) and(iii) of clause (a) of section 66D of the Finance Act,1994.
Date to be notified by Central Government.
Paragraph I (A)(vi)
The taxable services provided or agreed to be provided by a person involving an aggregator in any manner;
Additions or modifications in the extent of Service tax payable by specified persons
SI No.
% Of service tax payable by the person providing service (i.e. service provider)
% of service tax payable by any person liable to pay service tax other than the service provider.
1B
(New Entry effective from 01.04.2015)
In respect of service provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company
Mutual Fund Agent or distributor
Mutual Fund or Asset Management Company
100%
1C
(New Entry effective from 01.04.2015)
In respect of service provided or agreed to be provided by selling or marketing agent of lottery tickets to a lottery distributor or selling agent
Selling or Marketing agent of lottery tickets
Lottery distributor or selling agent
100%
8
(Modification effective from 01.04.2015)
In respect of services provided or agreed to be provided by way of supply of manpower for any purpose or security services.
Individual or HUF or Proprietary firm or Partnership firm or Association of Persons
Nil
(Earlier - 25%)
(Earlier - 75%)
11
In respect of service provided or agreed to be provided by a person involving an aggregator in any manner;
BUDGET VI - Effect On Reverse Charge Mechanism:
Old Law
Effective Date
Paragraph I (A)(ib)
The taxable services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company.
Paragraph I (A)(ic)
New entry
The
taxable services provided or agreed to be provided by a selling or
marketing agent of lottery tickets to a lottery distributor or selling
agent.
Paragraph I (A)(iv)(C)
The taxable services provided or agreed to be provided by government or local authority by way of support services excluding:-
Renting of immovable property , and
Services specified in sub clauses (i),(ii) and (iii) of (a) of section 66D of Finance Act, 1994.
The taxable services provided or agreed to be provided by government or local authority excluding:-
2) Services specified in sub- clauses (i),(ii) and(iii) of clause (a) of section 66D of the Finance Act,1994.
Date to be notified by Central Government.
Also clause 49 of Section 65 B explaining meaning of support services has been omitted.
Paragraph I (A)(vi)
New entry
The taxable services provided or agreed to be provided by a person involving an aggregator in any manner;
1st Day of March, 2015
Description of Service
Service Provider
Any person liable to pay service tax other than the service provider.
% Of service tax payable by the person providing service (i.e. service provider)
% of service tax payable by any person liable to pay service tax other than the service provider.
1B
(New Entry effective from 01.04.2015)
In respect of service provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company
Mutual Fund Agent or distributor
Mutual Fund or Asset Management Company
Nil
100%
1C
(New Entry effective from 01.04.2015)
In respect of service provided or agreed to be provided by selling or marketing agent of lottery tickets to a lottery distributor or selling agent
Lottery distributor or selling agent
Nil
8
(Modification effective from 01.04.2015)
In respect of services provided or agreed to be provided by way of supply of manpower for any purpose or security services.
Business entity registered as Body Corporate
100%
11
(New Entry effective from 01.03.2015)
In respect of service provided or agreed to be provided by a person involving an aggregator in any manner;
Person involving aggregator
Aggregator
of service or the person representing the aggregator in the taxable
territory or the person appointed by the aggregator for the purpose of
paying service tax.
Nil
100%
No comments:
Post a Comment