Broadening of tax base - Review of the Negative List

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Question - What are amendments proposed in Negative list in service tax in Finance Bill 2015 ?

AI Summary

Finance Bill 2015 amends service tax: Amusement facilities, entertainment events, contract manufacturing of alcohol now taxable. The Finance Bill 2015 proposes amendments to the Negative List in service tax. Service tax will be imposed on services providing access to amusement facilities like amusement parks and admission to entertainment events if the charge exceeds 500. The Negative List entries for these services will be omitted, with exemptions for certain entertainment events continuing. Additionally, service tax will apply to contract manufacturing of alcoholic liquor, excluding it from the Negative List. Services provided by the Government or local authority to business entities will also be taxed, except those specifically exempted. These changes will take effect upon notification by the Central Government.