Broadening of tax base - Review of general exemptions extended under Notification No. 25/2012-ST, dated 20.6.2012

[Admin TMI]

Question - What are amendments proposed in exemption under Notification No. 25/2012- ST, dated 20-6-2012 in Finance Bill 2015 ?

AI Summary

Proposed Tax Amendments: Changes to Exemptions for Construction, Artists, Transportation, and Services under Notification No. 25/2012-ST. The discussion focuses on proposed amendments to tax exemptions under Notification No. 25/2012-ST, effective from April 1, 2015, as outlined in the Finance Bill 2015. Exemptions for construction services provided to government entities are restricted to specific projects like historical sites and irrigation works. Exemptions for airport and port constructions are withdrawn. Performing artists' exemptions are limited to performances charging up to 1,00,000. Transportation exemptions are narrowed to specific food items. Exemptions for mutual fund agents, lottery ticket agents, and certain telephone services are withdrawn, with service tax applied on a reverse charge basis.