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SERVICE TAX - BUDGET HIGHLIGHTS

Brijesh Verma
Service Tax Update: No Rate Change, New Categories Added, Rule 6 Streamlined, Small Turnovers Exempt from Audit The budget highlights for service tax include no changes in the service tax rate or threshold limits. Import of services and Cenvat Credit Rules have been rationalized, and new service categories have been introduced, such as hotels with daily tariffs over Rs. 1000, AC restaurants serving liquor, hospitals with more than 25 beds, and diagnostic services, all with specific abatements. Legal services provided by individuals to business entities have been amended. Rule 6 of the Cenvat Credit Rules is being streamlined. Individuals or sole proprietors with turnovers up to 60 lakhs are exempt from departmental audits and have a 10% interest rate on delayed payments. (AI Summary)
  1. No change in Service Tax Rate
  2. No Change in threshold limits
  3. Import of services have been rationalized
  4. Cenvat Credit Rules have been suitable amended to harmonize Input and Output Services
  5. Penal provisions have been rationalized
  6. Point of taxation Rules have been introduced
  7. Certain New Service have been introduced
    1. Hotel having daily tariff > Rs. 1000 (with abatement of 50%)
    2. AC Restaurants serving Liquor (with abatement of 70%)
    3. All services of hospitals having > 25 Beds (with abatement of 50%)
    4. Diagnostic Services (with abatement of 50%)
  8. Legal Service has been amended to:
    1. provided by Individuals to Business Entity
    2. Individual to BE (in relation to representation and Arbitration)
  9. Rule 6 of Cenvat Credit Credit Rules is being Streamlined
  10. Individuals/Sole Prop having < or = 60 Lakhs – no need for Audit by Department
  11. Individuals/Sole Prop having < or = 60 Lakhs – Interest on delayed payment @10%

Budget documents are yet to be seen....so any mistake in figures may please be condoned....

Service Tax
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