Section 66b is the charging section and holds a vital importance in understanding the service tax act. So to level the field for both resident and nonresident and also to increase the tax revenue, government introduced section 66a through finance act, 2006. Important sections inserted in finance act, 1994 applicable. Scope of service in terms of this entry, the following activities, if carried out by a person for another for. The dictionary at the end of this act is part of this act. The repeals in section 182 of the finance act 1993. Further to that as regards public corporations, the finance act, no. Mar 31, 2017 the finance act 1994 service tax finance act 1994 as amended by finance act 2017 section 64 extent, commencement and application 1 this chapter extends to the whole of india except the state of jammu and kashmir. Icai the institute of chartered accountants of india.
Service tax 93 power to grant exemption from service tax. Analysis section 66b is the charging section and holds a vital importance in understanding the service tax act. Section 65b 44 of the finance act, 1994 tax on service. Jun 28, 2015 declared services section 66e of finance act, 1994 1. On 1 february 2017, the finance minister presented the finance bill, 2017 the bill which contained a number of proposals including computation of book profit for ind as compliant companies for the purpose of levy of mat under section 115jb of the act. Insertion of explanation to section 66b of the finance act. Let us read the bare text first and then try to analyse it. Ever since the proposed introduction of an explanation under section 65 105 of the finance act, in the finance bill 2005 and its subsequent enactment with effect from 16. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. In india, service tax has been introduced to tax the service providers. This section was introduced by finance act, 2006 w.
In and out section 66a and explanation to section 65105. Section 66a of finance act, 1994 the reverse charge mechanism. Disclaimer all images are for representational purposes only. Service tax section 731b march 12, 2015 by admin one of the lesser talked about changes in the budget, 2015 came in the form of an amendment to section 73 of the finance act, 1994 where by the following subsection is being inserted w.
The explanation was specifically legislated upon to expand the concept of taxable service. Finance act 1994 is up to date with all changes known to be in force on or. Insertion of explanation to section 66b of the finance act, 1994. Service tax was a tax levied by the central government of india on services provided or agreed. Tiol tax news, gst, income tax, service tax, customs. All images are property of and belong to their respective owners. Jun 03, 2016 section 66a of finance act, 1994 the reverse charge mechanism. Classification of taxable services upto 3062012 section 65b. Declared service as per section 66e e of the finance act, 1994, agreeing to the obligation. Attention of the trade is invited to trade notice no. Service tax chapter v of the finance act, 1994 section 64. The other repeals have effect in accordance with section 2283. Victims of crime act 1994 act legislation register.
Reduced rate of capital gains tax on certain disposals of shares by individuals. Construction includes additions, alterations, replacements or remodeling of any existing civil structure, of a complex, building, civil structure or a part thereof, including a complex or building wholly or partly intended for sale to a buyer. To do an act, has been specified as declared service. However, it was indicated that exlperi ence has demonstrated that secs authority under the investment company act is. Cbdt issues faqs on computation of book profit for levy of. Be it enacted by parliament in the fortyninth year of the republic of india as follows. Section 66a of finance act, 1994 the reverse charge. Icai is established under the chartered accountants act, 1949 act no. The commissioner of service tax vs vijay television p.
Charge of service tax on services received from outside india. Finance act 1994 section 67 judgments legalcrystal. Finance act 1994 complete act citation 50783 bare act. Chapter v of finance act, 1994 section 65 definitions clause 105 taxable services 105 taxable service means any 1 service provided or to be provided, a 2 to any person, by a stockbroker in connection with the sale or purchase of securities listed on a recognised stock exchange. Certificate relating to registration of title based on possession. The negative list shall comprise of the following services, namely. Jan 21, 2014 refraining from an act falls under declared services. Section 66b of finance act, 1994 charge of service tax. Whereas difficulties have arisen in giving effect to the provisions of section 143 of the finance act, 2012 23 of 2012, in so far as it relates to insertion of section 66b in chapter v of the finance act, 1994 32 of 1994. Explanation inserted by the finance act of 2010 clearly brings within the fold of taxable service a construction service provided by the builder to a buyer where there is an intended sale between the parties whether before, during or after construction. The section 66d introduced in the finance act, 1994 states that the negative list would be comprising of the following. Bare text of section 66b the bare text of section 66b is available in the annexure and the same can also be downloaded in the pdf version.
Is penalty under section 76 of finance act, 1994 is less severe than penalty under section 78. Authorised by the act parliamentary counselalso accessible at. Mar 12, 2015 service tax section 731b march 12, 2015 by admin one of the lesser talked about changes in the budget, 2015 came in the form of an amendment to section 73 of the finance act, 1994 where by the following subsection is being inserted w. Activity by way of erection of pandal or shamiana is a declared service, under section 66e 8f. Chapter v of finance act, 1994 tax management india. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. The finance act 1994 service tax finance act 1994 as amended by finance act 2017 section 64 extent, commencement and application 1 this chapter extends to the whole of india except the state of jammu and kashmir. Section56 amendment of section 3 of act 45 of 1974. In this chapter, unless the context otherwise requires. India constituted under section 3 of the airports authority of india act, 1994 55 of 1994 and also includes any person having the charge of management of an airport or civil enclave section 681 of the finance act provides that every person providing taxable service to any person shall pay service tax at the rate specified in section 66.
Service tax on renting of immovable property the debate. Service tax act chapter v of the finance act, 1994 cbic. Penalty for contravention of rules and provisions of act for. Penalty for contravention of rules and provisions of.
The bare text of section 66b is available in the annexure, and the same can also be downloaded in the pdf version. Important sections inserted in finance act, 1994 applicable from 01. Indian service tax 93 power to grant exemption from. This section is applicable from the 1st july, 2012. Presentation has been prepared from a speakers point of view for purpose of a seminar and thus it has not been described in detail. Section 76, penalty shall not be less than two hundred rupees for every day during which failure to pay service tax continues or at the rate of two per. The income tax act 1967 act 53, the petroleum income tax act 1967 act 45 of 67 and the stamp act 1949 act 378 are amended in the manner specified in chapters ii, iii and iv respectively. This section is applicable from the 1 st july 2012. The process of erection of pandal or shamiana is a reasonably specialized job and is carried out by the supplier with the help of his own labour. With acts you are guaranteed the latest and most up to date resource for your legislative needs. This section is also popularly known as reverse charge mechanism. To be a taxable a service should be provided or agreed to be provided by a person to another.
Section 76, penalty shall not be less than two hundred rupees for every day during which failure to pay service tax. The taxability of services or the charge of service tax has been specified in section 66b of the act. Section 76 and 78 are two important sections of the finance act, 1994 dealing with penalty. In the economic offences inapplicability of limitation act, 1974 12 of 1974, in the schedule, after entry 7 relating to the central excise act, 1944 1 of 1944, the following entry shall be inserted, namely. Finance act, 1994 or any other act for the time being in force, shall be construed as reference to section 66b thereof. According to section 66eea of the finance act 1994, as inserted a a by finance act 2012, a agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act shall be a declared service and a liable to service tax. Dec 17, 2012 the taxability of services or the charge of service tax has been specified in section 66b of the act. Refraining from an act falls under declared services. Construction is a declared service, under section 66 e of the finance act, 1994 attracting the levy of. Service defined in section 65b 44 of the finance act, 1994, includes a declared service. The repeals in section 179 of the finance act 1993. Service tax act chapter v of the finance act, 1994 as on 142017 section 64. Icai the institute of chartered accountants of india set up by an act of parliament. Renting of immovable property for use in the course or furtherance of business or commerce was made taxable under section 65105 zzzz of the finance act 1994.
Person liable to pay service tax is governed by service tax rules, 1994 he may be. Service tax act chapter v of the finance act, 1994 section. Subscribe for free magazine and our startup network. Yourcommittee added an amendmentto provide that this provision applies to taxable years ending after the date of enactment of the 1966 amendatoryact.
108 125 1161 639 1265 911 754 206 100 60 1229 195 578 397 886 357 1420 1213 908 180 933 986 185 841 161 666 276 1339 1298 225 447 1466 1188 632 518 588 890 884 153 350 717 373 1185 1326