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Service Tax Presentation

Before 01.07.2012 119 services were Taxable Service Provider was Liable To Pay Tax in Full Under Special Condition Service Receiver was Liable To Pay. Now All these services are covered under 1. 2. Work Contract Service Construction of Complex. Negative list of Services Services by Government or a Local Authority services by the Reserve Bank of India Services by a foreign diplomatic mission located in India Services by way of vehicle parking to general public excluding leasing of space.

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59 views12 pages

Service Tax Presentation

Before 01.07.2012 119 services were Taxable Service Provider was Liable To Pay Tax in Full Under Special Condition Service Receiver was Liable To Pay. Now All these services are covered under 1. 2. Work Contract Service Construction of Complex. Negative list of Services Services by Government or a Local Authority services by the Reserve Bank of India Services by a foreign diplomatic mission located in India Services by way of vehicle parking to general public excluding leasing of space.

Uploaded by

Mohit Pratap Singh
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Service Tax

Service Tax
Changes By Finance Act 2012

Before 01.07.2012 119 Services were Taxable Service Provider was Liable To Pay Tax in Full Under Special Condition Service Receiver was Liable To Pay
1.

2.
3.

Import of Services Transport of Goods By Road Services Sponsorship Service etc.

Declared Services
Renting of Immovable Property

Work Contract
Construction of Complex, Building, Civil Structure Temporary Transfer of Intellectual property right

Transfer of goods by way of hiring, licensing, hire

purchase Service portion in execution of work contract

Services
Banking, NBFC,

Electricity Distribution Services


Support Services Consignment Handling Services

Courier Agency
Restaurant, Food Stand, First food Center Caterer, Convention Centre etc.

Service Classification
Before 01.07.2012
Erection, Commissioning

From 01.07.2012

or Installation Services Construction Services in respect of Industrial Building or Civil Structure. Construction of Residential Complex Services Repair and Maintenance Services Interior Designer Services Renovation, Alternation, etc.

Now All this services

are covered under


1. 2.

Work Contract Service Construction of Complex.

Negative list of Services


Services by Government or a Local Authority

Services by the Reserve Bank of India


Services by a foreign diplomatic mission located in India Services relating to agriculture Trading of goods, Activity amounted to Manufacturing Transmission or Distribution of electricity by an

electricity transmission or distribution utility Funeral, burial, crematorium or mortuary services including transportation of the deceased

Specific Exempted Services:


Services to United Nation or Specified International Organization. 2. Service by way of vehicle parking to general public excluding leasing of space. 3. Service by the following persons in respective capacity:
1.
a) b)

Selling or distribution of SIM cards or recharge coupon voucher; Sub-contractor providing services by way of works contract to another contractor providing work contract services which re exempt;

Valuation Method for Service Value of Work Contract

Cost Plus Method / Service Value / Direct Method

Composition Method or Preventive Method

Cost Plus Method / Service Value Method


Gross Amount Charged for Work Contract

Less: Value of Supply including Tax thereon

Note: 1. CENVAT credit available for Input, Input Services used in or in relation to execution of Work contract. 2. Service Value determined above must have value for items listed in list 1.

Composition Method or Preventive Method


Gross Value Charged for Execution of Work Contract Add: FMV of Supplies (supplied in same or other contract for execution of work contract)
(i.e. Supplied free of cost or at discounted value) Less Value Charged for that Supplies

Note: 1. Preventive rate 40/60/70 % apply of calculating Service Value 2. CENVAT credit for Input is not available. 3. CENVAT credit for Input Services and capital Goods will be available.

Support service by Government or Local Authority


Service Provided by
Taxable Value for Service Receiver Services Mainly Covered

Government or local authority


Tax @12.36% on 100% Service Charges Paid 1. Testing , 2. Security 3. Construction / Erection 4. R & D or any other Support Services 1. Renting of Immovable property, 2. Postal Services, 3. Services in relation to Aircraft or Vessel and 4. Transportation of Goods or Passenger.

Following Govt. Support Services are exempted

Most Important Action to be taken


All work order to be revised considering Tax implication

under reverse charge method, All Service Provider to be registered with Service Tax department, All Input Service Bill must complied with provision of CENVTABLE invoice. First Service Invoice to be supported by Service Tax Registration and subsequent Invoices to be supported by Tax paid challan for Tax paid against earlier bill.(Bill format and check list enclosed) All Service And Excise Bill to be address to Site address otherwise CENVAT Credit will not available and also billed Site become liable for tax under reverse charge.

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