Negative List of Service Tax 2013-14
PrintListen to this Article
Negative list of Service Tax is comprised of following 17 heads. I have given all the 17 heads of negative list of Service Tax below.
- Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere:
- services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;
- services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport;
- transport of goods or passengers; or
- Support services, other than services covered under clauses (i) to (iii) above, provided to business entities.
- Services by the Reserve bank of India.
- Services by a foreign diplomatic mission located in India.
- Services relating to agriculture or agricultural produce by way of –
- agricultural operations directly related to production of any agricultural produce including cultivation, harvesting, threshing, plant protection or seed testing;
- supply of farm labour;
- processes carried out at an agricultural farm including tending, pruning, cutting, harvesting, drying, cleaning, trimming, sun drying, fumigating, curing, sorting, grading, cooling or bulk packaging and such like operations which do not alter essential characteristics of agricultural produce but make it only marketable for the primary market;
- renting or leasing of agro machinery or vacant land with or without a structure incidental to its use;
- loading, unloading, packing, storage or warehousing of agricultural produce;
- agricultural extension services;
- Services by any Agricultural Produce Marketing Committee or Board or services provided by a commission agent for sale or purchase of agricultural produce.
- Trading of goods.
- Any process amounting to manufacture or production of goods.
- Selling of space or time slots for advertisements other than advertisements broadcast by radio or television.
- Service by way of access to a road or a bridge on payment of toll charges.
- Betting, gambling or lottery.
- Admission to entertainment events or access to amusement facilities.
- Transmission or distribution of electricity by an electricity transmission or distribution utility.
- Services by way of –
- Pre-school education and education up to higher secondary school or equivalent;
- Education as a part of a curriculum for obtaining a qualification recognized by law;
- Education as a part of an approved vocational education course.
- Services by way of renting of residential dwelling for use as residence;
- Services by way of –
- extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount;
- inter-se sale or purchase of foreign currency amongst banks or authorized dealers of foreign exchange or amongst banks and such dealers;
- Service of transportation of passengers, with or without accompanied belongings, by –
- a stage carriage;
- railways in a class other than – (A) first class; or
(B) an air conditioned coach; - metro, monorail or tramway;
- inland waterways;
- public transport, other than predominantly for tourism purpose, in a vessel between
- places located in India; and
- metered cabs, radio taxis or auto rickshaws;
- Services by way of transportation of goods –
- by road except the services of – i. a goods transportation agency; or ii.a courier agency;
- by an aircraft or a vessel from a place outside India up to the customs station of clearance in India; or
- by inland waterways;
- Funeral, burial, crematorium or mortuary services including transportation of the deceased.
Amendments in Negative list
- Two more services have been included in the negative list for service tax. These are:
- The Finance Minister has also accepted the request of the Film Industry that full exemption of service tax granted on copy right on cinematography be limited to the films exhibited in cinema halls only.
- All air conditioned restaurants will be brought under the service tax net. At present service tax does not apply to those air conditioned restaurants which do not serve liquor. But considering this distinction to be artificial, P. Chidambaram has proposed the uniformity of service tax for the two.
- The rate of abatement for such homes and Flats which have a carpet area of 2000 sq. ft. or more; or have a value of Rs. 1 crore or more, has been reduced from 75% to 70%. However, low cost housing and single residential units will continue to enjoy existing exemptions from service tax.
Category : Income Tax | Comments : 0 | Hits : 1157
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement. "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit. An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...
Very Important Income Tax Update regarding Micro and Small Enterprises Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky. If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability. Therefore...
Comments