Union Budget: Service Tax Net Widen, Four new services included
Posted on Fri Feb 29, 2008 at 07:27:06 PM EST
Four additional service sectors have been brought under the Service Tax Act in the General Budget 2008-09. They are, Asset Management Service provided under ULIP, to bring it on par with those under Mutual Funds; services provided by stock/commodities exchanges and clearing houses; customized software, to bring it on par with packaged software and other IT services; and right to use goods, in cases where VAT is not payable.
It has been clarified that the money changers, persons running games of chance and tour operators using contract carriage vehicles are liable to service tax.
Threshold limit of exemption for small service providers is proposed to be increased from Rs.8 lakhs p.a to Rs..10 lakhs per annum. The measure is expected to benefit 65,000 small service providers.
By djain128, Section Taxation - Service Tax
Posted on Fri Feb 29, 2008 at 07:27:06 PM EST
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