TaxTMI 
TaxTMI 
Budget 2012-2013 – Deemed value of taxable service - Abatement.
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....udget 2012-2013 – Deemed value of taxable service - Abatement.<br>By: - Surender Gupta<br>Service Tax<br>Dated:- 24-3-2012<br><br>Budget 2012-2013 - Deemed value of taxable service - Abatement Notification no. 13/2012 - ST ( available on www.taxmanagementindia.com) (To be effective from Date to be notified after enactment of Finance bill 2012) Value of the following taxable services for the ....
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....purpose of levy of service tax would be calculated at percentage specified in the Table subject to the relevant conditions specified Sl. No. Description of taxable service Deemed value - Existing % Proposed % Conditions 1 Financial leasing services including equipment leasing and hire purchase 10 (Nft 4/2006) 10 Nil. 2 Transport of goods by rail 30 (Nft 1/2006) 30 Nil. 3 Transp....
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....ort of passengers by rail New levy 30 Nil. 4.1 Catering in a premises, including hotel, convention center, club, pandal, shamiana or any place specially arranged for organizing a function Convention center or mandap catering- 60 pandal or shamiana catering - 70 (Nft 1/2006) 70 CENVAT credit on any goods classifiable under chapter 1 to 22 used for providing the taxable service is not allo....
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....wed 5 Transport of passengers by air Upto 31.03.2012 Domestic travel - max Rs 150 International Travel - max Rs 750 (Nft 26/2010) 40 CENVAT credit on inputs and capital goods, not allowed w.e.f. 01.04.2012 All Class Exemption 60% Levy of ST on 40% (Nft 6/2012) 6 Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purpos....
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....es. 50 (Nft 1/2006) 60 CENVAT credit on inputs and capital goods, not allowed 7 Transport of goods by road by Goods Transport Agency 25 (Nft 13/2008) 25 No CENVAT credit Exempt -(i) when gross amount charged on consignments not exceeding Rs 1500, or (ii) gross amount charged on individual consignment not exceeding Rs 750 - (Nft 034/04) 8 Services provided in relation to chit 70 (N....
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....ft 1/2006) 70 No CENVAT credit 9 Renting of any motor vehicle designed to carry passengers 40 (Nft 1/2006) 40 No CENVAT credit 10 Transport of goods in a vessel from one port in India to another 75 (Nft 1/2006) 50 No CENVAT credit. 11 (i)Services provided by a tour operator in relation to a package tour 25 (Nft 1/2006) 25 No Cenvat Credit (ii)Services by a tour operator in rel....
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....ation to a tour, solely of arranging or booking accommodation for any person in relation to a tour 10 (Nft 1/2006) 10 No Cenvat Credit (iii) Services, other than services specified in (i) and (ii) above, provided to any person, by a tour operator in relation to a tour 40 (Nft 1/2006) 40 No Cenvat Credit<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....