Service tax definition changes redefine "transaction in money" exclusions and add lottery and chit fund roles. Amendment of section 65B revises definitions: omits specified clauses and words; inserts definitions for foreman of chit fund, lottery distributor or ... Summary
Service tax definition changes redefine "transaction in money" exclusions and add lottery and chit fund roles.
Amendment of section 65B revises definitions: omits specified clauses and words; inserts definitions for foreman of chit fund, lottery distributor or selling agent, and Government (limited to Departments whose accounts are kept under article 150); and substitutes Explanation 2 to exclude currency conversion and facilitation activities (including lottery promotion/sales and chit conduct) from the expression "transaction in money or actionable claim," with certain changes effective on notification by the Central Government.
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