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of <h1>New Service Tax on Professional Services Effective October 16, 1998: Key Guidelines and Compliance Requirements.</h1> The Finance (No. 2) Act, 1998 introduces a service tax on various professional services effective from October 16, 1998. This includes services provided by architects, interior decorators, credit rating agencies, market research agencies, management consultants, real estate agents, security agencies, mechanized slaughterhouses, underwriters, and practicing chartered accountants, cost accountants, and company secretaries. The circular outlines definitions, tax liabilities, and procedural requirements for registration and payment of the service tax. It clarifies that service tax is applicable only on services rendered after the effective date and provides guidelines on subcontracting and services provided to foreign clients. The document also details the administrative and appellate mechanisms for service tax collection and compliance.
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