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Budget 2012-2013 - Amendments in Service Tax

Surender Gupta
2012-2013 Budget: Service Tax Rate Hike to 12%, Expanded Exemptions for Clubs, Adjusted Levies on Transport Services The 2012-2013 budget introduced several amendments to service tax regulations, effective from March 17, 2012, or April 1, 2012. Key changes include the expansion of eligibility for service tax exemptions on common facilities for effluent and solid waste treatment to all clubs or associations. The effective service tax rate increased from 10% to 12%. Amendments also adjusted exemptions for small service providers and air passenger transport, with specific exemptions and levies applied. Additionally, the service tax rate on works contracts under the composition scheme rose from 4% to 4.8%. Exemptions for rail transport were extended until July 1, 2012. (AI Summary)

Rate of Service Tax / Exemption from Service Tax

(w.e.f. 17-3-2012 or w.e.f. 1-4-2012)

(Notifications as amended available on www.taxtmi.com)

Sr. No.

Particulars

Old Provisions

New Provisions

Effective Date

1.

Common facility set-up for treatment and recycling of effluents and solid waste with financial assistance from the central or state government.

ST ntf. 1/2012 amends ntf  42/2011

Only dying unit’s club or association were eligible

All club or association are eligible

17-3-2012

2.

Effective Rate of Service Tax

ST nft. 2/2012 rescinds nft. 8/2009

10%

12%

1-4-2012

3.

Exemption upto Rs. 10 Lacs in case small service provider – amends the term “Aggregate value” instead of “aggregate value not exceeding ten lakh rupees”

Nft. 5/2012 amends nft. 6/2005

Changes corresponding to POT Rules, 2011

1-4-2012

4.

Exemption in relation to air passenger transport

Nft. 6/2012 supersedes nft. 26/2012

Economy class

within India – maximum Rs. 150

Outgoing international – maximum Rs. 750

All Class

Exemption 60%

Levy of ST on 40%

1-4-2012

5.

Rail Transport

Notification no. 7/2012, 8/2012 & 9/2012

Exemption extended upto July 1, 2012

-

6.

Rate of ST on works contract – composition scheme

4%

4.8%

1-4-2012

Service Tax
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