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Service Tax Exempted for Items on Negative List
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| Health Care, Services Provided by Charities, Religious Persons, Independent Journalists, Sportspersons Among Others also Exempted from Service Tax |
| In his Budget Speech, the Union Finance Minister ShriPranab Mukherjee said that the Government has proposed to tax all services except those in the negative list. The list comprises 17 heads. The important inclusions in the negative list comprise all services provided by the Government or local authorities, except a few specified services where they compete with private sector. The list also includes pre-school and school education, recognized education at higher levels and approved vocational education, renting of residential dwellings, entertainment and amusement services and a large part of public transportation including inland waterways, urban railways and metered cabs. Presenting the Union Budget 2012-13 in LokSabha today, the Union Finance Minister ShriPranab Mukherjee said that agriculture and animal husbandry enjoy a very important place in our lives. Practically all services required for cultivation, breeding, production, processing or marketing up to the stage the produce is sold in the primary markets are covered by the list. The Finance Minister Shri Mukherjee further stated that in addition to the negative list, there is a list of exemptions which include health care, services provided by charities, religious persons, sportspersons, performing artists in folk and classical arts, individual advocates providing services to non-business entities, independent journalists, and services by way of animal care or car parking. The Finance Minister Shri Mukherjee also announced exemption of the services of business facilitators and correspondents to banks and insurance companies. Construction services relating to specified infrastructure, canals, irrigation works, post-harvest infrastructure, residential dwelling, and low-cost mass housing up to an area of 60 sq.mtr. under the Scheme of Affordable Housing in Partnership are also included in the exemptions. Shri Mukherjee also proposed to raise the exemption for the monthly charges payable by a member to a housing society from Rs. 3,000 to Rs. 5,000. |
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Comments
amit agrawal
16-Mar-2012 , 04:15:20 pmWhat is the negative list, Please tell me