INDIA BUSINESS WORLD - FEBRUARY 16th - FEBRUARY 29th - 2008
SERVICE TAX HIGHLIGHTS IN BUDGET 2008
Rate of service tax remain unchanged Threshold limit, providing service tax exemption to small service providers, increased from Rs 8 lakhs per year to Rs 10 lakhs per year.
Service tax has been imposed on the following services, to be effective from a date to be notified after the enactment of the Finance Bill, 2007:
a. Asset Management Services provided under ULIP
b. Service provided by Stock /Commodity Exchanges and Clearing Houses
c. Right to use goods, in case where VAT is not payable
d. Information technology software services
Amendments have been made to the following categories:
a. Money Changers
b. Persons running games of chance
c. Operators using contract carriage vehicles services
A Service Tax dispute Resolution Scheme, 2008 to settle Service Tax disputes has been introduced w.e.f. 1.7.2008.
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