Amendment in Sec. 66F (1)

[Admin TMI]

Question - What are proposed amendment in Sec.66F (1) in Finance Bill 2015 ?

AI Summary

Amendment to Section 66F (1) clarifies service scope; banks must pay Service Tax on agency services to RBI. The discussion addresses a query about the proposed amendment to Section 66F (1) in the Finance Bill 2015. The section clarifies that references to a service do not include input services used to provide that service unless specified otherwise. An illustration is added to clarify this scope, noting that services provided by the Reserve Bank of India (RBI) do not include agency services from other banks, which are considered input services. Thus, banks offering agency services to RBI must pay Service Tax on these services under the existing Section 66F (1).