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Finance Bill gets Presidential assent

Surender Gupta
Service tax effective date triggers revised rate and activates valuation, adjudication, recovery, and attachment provisions. The finance measure, after presidential assent and gazette notification, makes the revised service tax rate effective and applies it to services received in India and imported services; it also implements a new valuation framework (rules pending) and amends adjudication, recovery, provisional attachment, and penalty provisions, while scope changes, new services, and deletion of the import explanation await separate 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.

Service Tax
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