Changes to give effect of implementation of Paradigm shift in Taxation of Services – New Notifications

Changes to give effect of implementation of Paradigm shift in Taxation of Services – New Notifications

Yesterday, the TRU has issued number of Notifications to give effect of implementation of Paradigm shift in taxation of Services –Budget 2012 by way of either rescinding or amending old Notifications including some of recently issued Notifications during the time of Budget 2012 i.e. 17^th March, 2012, which were supposed to come into force from the date on which the new Section 66B (the new charging Section) i.e. 1st July 2012

Quick glance of Notification issued yesterday:-

• Notification No. 28/2012-CE(NT)dated -20-06-2012

  Amendment to CENVAT Credit Rules

• Notification No. 40/2012-STdated -20-06-2012

  Exemption on services provided to SEZ authorised operations

• Notification No. 39/2012-STdated -20-06-2012

  Notification under rule 6A of Service Tax Rules - rebate of the duty paid on excisable inputs or service tax and cess paid on all input services used in providing service exported

• Notification No. 38/2012-STdated -20-06-2012

  Amendment of Notification 28/2011-ST

• Notification No. 37/2012-STdated -20-06-2012

  Seeks to amend point of Taxation Rules

• Notification No. 36/2012-STdated -20-06-2012

  Seeks to amend Service Tax Rules

• Notification No. 35/2012-STdated -20-06-2012

  Rescinding of notification no. 32/2007 - Works Contract Composition Rules, 2007 withdrawn

• Notification No. 34/2012-STdated -20-06-2012

  Rescinding of certain notifications

• Notification No. 33/2012-STdated -20-06-2012

  Exemption to Small service providers

• Notification No. 32/2012-STdated -20-06-2012

  Exemption of services provided by TBI/STEP

• Notification No. 31/2012-STdated -20-06-2012

  Exemption to specified services received by exporter of goods

• Notification No. 30/2012-STdated -20-06-2012

  Notification under sub-section (2) of section 68 - Reverse Charge

• Notification No. 29/2012-STdated -20-06-2012

  Exemption on property tax paid on immovable property

• Notification No. 28/2012-STdated -20-06-2012

  Place of Provision of Services Rules,2012

• Notification No. 27/2012-STdated -20-06-2012

  Exemption to services for the official use of foreign Diplomatic Mission

• Notification No. 26/2012-STdated -20-06-2012

  Abatement notification

• Notification No. 25/2012-STdated -20-06-2012

  Mega exemption notification

So, be ready with your diagnosis of these Notifications to implement paradigm shift in taxation of Services w.e.f from 1^st July, 2012.

Thanks & Best Regards.
 
Bimal Jain
FCA, ACS, LLB, B.Com (Hons)
 
Mobile: +91 9810604563
email: [email protected]