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of <h1>Amendment Revises Finance Act Definitions, Sets 5% Service Tax for Service Providers, Outlines Collection and Recovery Procedures</h1> The amendment to the Finance Act, 1994, introduced by the Finance Act, 1997, revises definitions and provisions related to service tax. Key definitions include various service providers such as advertising agencies, air travel agents, and consulting engineers. The amendment specifies a 5% service tax on designated taxable services, including those provided by stock-brokers, telegraph authorities, and insurers. It outlines the collection and recovery procedures, mandating that service providers collect and remit the tax to the Central Government. The amendment also details the calculation of service tax based on gross amounts charged for services rendered by various agencies.
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