Posted 25/02/2017 in Category 1

SERVICE TAX CHANGES FOR BUSINESSES

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SERVICE TAX CHANGES FOR BUSINESSES

Subject: Union Budget 2017 - Changes in Service Tax - reg.
The Finance Minister has, while presenting the Union Budget 2017-18, introduced the Finance Bill in the Lok Sabha on the 1st of February, 2017. Clauses 120 to 128 of the Bill cover the amendments made to,-
· Chapters V and VA of the Finance Act, 1994;
· the Service Tax (Determination of Value) Rules, 2006;
Other changes are being given effect to by inserting new entries, and amending/omitting existing entries in notification No. 25/2012-ST dated 20.6.2012 and by amending the CENVAT Credit Rules, 2004.
2. It may be noted that changes being made in the Budget are coming into effect on various
dates, as indicated in the following paragraphs. These changes are categorized below based on the above criterion:
(i) Changes coming into effect immediately w.e.f. the 2nd day of February, 2017;
(ii) The amendments which will get incorporated in the Finance Act, 1994 on

enactment of the Finance Bill, 2017
[paras 3.1, 3.2, 3.3 and 4];
(iii)
Certain fresh entries and amendments
to existing entries in notification No.

25/2012-ST, will come into effect
on the
day Finance Bill receives assent of the

President.


The salient features of the changes being made are discussed below. READE HERE AT: http://www.howtoexportimport.com/Service-Tax-changes-Government-notification-Indian-5335.aspx


Service tax changes, Union Budget, Indian businesses

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