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Finance Bill gets Presidential assent

Surender Gupta
New Finance Bill Enacts 12.24% Service Tax, Alters Valuation, Adjudication, and Penalties; Import Services Taxed The Finance Bill received Presidential assent on April 18, 2006, and was gazetted on April 19, 2006, making the new service tax rate of 12.24% effective from that date. Key changes effective immediately include the imposition of service tax on services received or imported into India, new valuation provisions pending notification, amendments to adjudication and recovery processes, provisional property attachment, and revised penalties for late service tax payment. Changes to the scope of existing services, introduction of new services, and deletion of certain explanations will take effect upon future notification. (AI Summary)

Finance Bill gets Presidential assent on 18th evening but Bill gets gazetted on 19-4-2006, therefore new rate of 12.24% (i.e. 12% + 0.24%) ofservice tax is effective from 19-4-2006.

The other provisions which are coming into effect from 19-4-2006 are: -

- Service tax on Services which are received in India or Imported into India

- New set of provisions of Valuation (However, Rules are to be notified)

- Amendments in the provisions related to Adjudication of Show Cause Notice and Recovery of Amount received in excess of service tax.

- Provisions related to provisional attachment of property.

- Change in the provision for penalty for failure to pay service tax in time.

The following provisions shall be effective only from the date of notification (not now) -

- Change in the scope of existing services

- Introduction of New Services

- Deletion of Explanation to the section 65(105)  - import of services.

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