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SERVICE TAX - BUDGET HIGHLIGHTS

Brijesh Verma
Service tax reforms introduce point-of-tax rules and Cenvat amendments, new abatements and relaxed audit and interest norms. The budget keeps the service tax rate and threshold unchanged while rationalizing import of services and amending Cenvat Credit rules to harmonize input and output services; it introduces Point of Taxation rules, streamlines Rule 6, redefines taxable legal services supplied by individuals to business entities, specifies abatements for hotels, AC restaurants serving liquor, hospitals above twenty five beds and diagnostic services, and grants audit relief and a reduced interest rate for individuals and sole proprietors below the turnover threshold. (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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