Amendment in Sec. 67

[Admin TMI]

Question - What are proposed amendment in Sec. 67 which deals in valuation of services, in Finance Bill 2015 ?

AI Summary

Amendment to Section 67: All Costs in Service Tax Value, Including Lottery Distributor Retentions and Reimbursable Expenses. The discussion focuses on proposed amendments to Section 67 of the Finance Bill 2015 concerning the valuation of services for service tax purposes. The amendment clarifies that the consideration for services must include all reimbursable expenditures or costs incurred and charged by the service provider. This aims to address court rulings that previously excluded such expenditures from taxable service value. Additionally, it specifies that the amount retained by lottery distributors or agents from the gross sale amount, or discounts received, should be included in the taxable value.