Question - What are proposed amendments in provision related to reverse charge in Finance Bill 2015 ?
Reverse charge mechanism
Admin TMI
Finance Bill 2015: Reverse Charge Now Covers Manpower, Security, Mutual Fund, and Lottery Services Starting April 1, 2015. The Finance Bill 2015 introduces amendments to the reverse charge mechanism for service tax. Manpower supply and security services provided by individuals, HUFs, or partnership firms to corporate bodies will now be fully under reverse charge, effective from April 1, 2015. Additionally, services by mutual fund agents, distributors, and lottery agents will also fall under reverse charge due to the removal of previous exemptions. Consequently, service tax for mutual fund services will be paid by asset management companies or mutual funds, and for lottery services, by the distributor or selling agent. (AI Summary)