https://www.taxtmi.com/news?id=1622 Amendments align the definitions of input and input service, expressly excluding certain goods and related services (e.g., petroleum, construction goods except subcontractor cases, employee personal consumption goods, and goods unrelated to manufacture) from qualifying as inputs or input services. The rules revise allocation and valuation mechanics for exempted and partially exempted outputs, reduce the amount payable for services under rule 6 from six to five percent, define valuation for trading and composition schemes, require banking and financial entities to pay 50% (and life insurance/ULIP 20%) of credit availed, allow SEZ authorized operations to receive services without reversal of credit, and add service tax under section 66A to eligible credits retrospectively. en-us Mon, 28 Feb 2011 16:19:16 +0530 Fri, 22 Aug 2025 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=1622 Amendments align the definitions of input and input service, expressly excluding certain goods and related services (e.g., petroleum, construction goods except subcontractor cases, employee personal consumption goods, and goods unrelated to manufacture) from qualifying as inputs or input services. The rules revise allocation and valuation mechanics for exempted and partially exempted outputs, reduce the amount payable for services under rule 6 from six to five percent, define valuation for trading and composition schemes, require banking and financial entities to pay 50% (and life insurance/ULIP 20%) of credit availed, allow SEZ authorized operations to receive services without reversal of credit, and add service tax under section 66A to eligible credits retrospectively. News - Mon, 28 Feb 2011 16:19:16 +0530 https://www.taxtmi.com/news?id=1622