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        News and Press Release

        Service Tax Rules - changes to have immediate effect - THE FINANCE (No. 2) BILL, 2014

        July 13, 2014

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        Service Tax Rules: [changes to have immediate effect]

                  • Service provided by a Director to a body corporate to be brought under the reverse charge mechanism; service receiver, who is a body corporate will be the person liable to pay service tax.

                  • Services provided by Recovery Agents to Banks, Financial Institutions and NBFC to be brought under the reverse charge mechanism; service receiver will be the person liable to pay service tax.

         

        See:- Amendment in Notification No. 30/2012 - Notification under sub-section (2) of section 68 - Reverse Charge - Notification No. - 10/2014 Dated - July 11, 2014 (As amended)

        and  Rule - 02 - Definitions of Service Tax Rules, 1994

        Reverse charge mechanism shifts service tax liability to service receivers for director and recovery-agent services. Specified services are placed under the reverse charge mechanism, making the service receiver liable: director-provided services to a body corporate, and recovery-agent services to banks, financial institutions and non-banking financial companies. The changes amend Notification No. 30/2012 on reverse charge and Rule 2 definitions of the Service Tax Rules, 1994, and are to operate with immediate effect.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Reverse charge mechanism shifts service tax liability to service receivers for director and recovery-agent services.

                                Specified services are placed under the reverse charge mechanism, making the service receiver liable: director-provided services to a body corporate, and recovery-agent services to banks, financial institutions and non-banking financial companies. The changes amend Notification No. 30/2012 on reverse charge and Rule 2 definitions of the Service Tax Rules, 1994, and are to operate with immediate effect.


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