Applicability of New Reverse Charge Mechanism under Service Tax Law. As the Union Budget has proposed multiple changes in Service Tax in light of Negative List of Services, an important aspect of burden of tax liability under Reverse Charge concept has also been proposed to be replaced from existing provisions. Applicability of New Reverse Charge Mechanism. According to Notification No 1. ST dated 1. 7. 0. Reverse Charge Mechanism will be made applicable from the date on which Section 6. B of the Finance Act, 1. The said Section 6. Finance Bill, 2. 01. Parliament and receives the consent of the Hon’ble President of India to be called as Act. Therefore, the new reverse charge mechanism will be applicable from the date when Finance Bill, 2. Clarification on new reverse charge mechanism in respect of services of Rent –a – cab, Manpower Supply and Works Contract. Under the new reverse charge mechanism will also be applicable in respect ofa) Rent – a – cab serviceb) Manpower power supply servicec) Works Contract service. However, this reverse charge under above mentioned three services will be applicable only if, the service provider of these 3 services is an Individual or HUF or Proprietary or partnership firm or AOP and the service receiver is a Company registered under Companies Act, 1. Details and applicability of new reverse charge mechanism in case of all the services: Description of a service. Service provider. Service receiver. Percentage of service tax payable by the person providing service. Percentage of service tax payable by the person receiving the service. Insurance Servicesin respect of services provided or agreed to be provided by aninsurance agent to any person carrying on insurance business. Insurance agent. Business man carrying on insurance business. Nil. 10. 0GTAin respect of services provided or agreed to be provided by a goods transport agency in respect of transportation of goods by road. Goods transport agency. Consignor or Consignee is specified person. Nil. 10. 0Sponsorshipin respect of services provided or agreed to be provided by way of sponsorship. Any person. Body corporate or partnership firm. Nil. 10. 0Arbitral Tribunalin respect of services provided or agreed to be provided by an arbitral tribunal. Arbitral tribunal. Business entity. Nil. Advocate Servicesin respect of services provided or agreed to be provided by individual advocate. Individual advocate. Business entity. Nil. Support Servicein respect of services provided or agreed to be provided by way of support service by Government or local authority. Government. Business entity. Nil. 10. 0Rent a Cab Services(a)in respect of services provided or agreed to be provided by way of renting or hiring any motor vehicle designed to carry passenger on abated value.(b)in respect of services provided or agreed to be provided by way of renting or hiring any motor vehicle designed to carry passenger on non abated value. Individual/HUF/ Proprietary or partnership firm/AOPCompany under Companies Act, 1. Nil. 60. 10. 04. 0Supply of Manpowerin respect of services provided or agreed to be provided by way of supply of manpower for any purpose. Individual/HUF/ Proprietary or partnership firm/AOPCompany under Companies Act, 1. Works Contract Servicesin respect of services provided or agreed to be provided by way of works contract. Individual/HUF/ Proprietary or partnership firm/AOPCompany under Companies Act, 1. Any person. Any person. Nil. 10. 0By: CS Swati Dodhi - May 6, 2. Discussions to this article Hi Swathi: Timely and well presented - a suggestion - would be good to give the definitions - esp works contract as it has been amended significantly.. Best wishes..... Regards, Ashok Deora, 0. REVERSE CHARGE IN SPECIFIED SERVICES.Home / 2015 / Taxability of Software under Present Indirect Tax. ST/IGST under reverse charge. Contract for professional/technical services under. Download and Read List Of Services Under Reverse Charge. Download List Of Services Under Reverse. Ernst & Young point of view on negative list. Under the Negative List regime. List of Services under Service Tax : Back to Service Tax Page. Charge Card or other payment card related services. Reverse charge under service. Reverse Charge is applicable on New services inserted. CENVAT CREDIT ISSUES AND RELATED PROCEDURAL MATTERS IN INDIAN. J Place of Provision of Service 26-29 K Reverse Charge. Reverse charge mechanism is which has been comes under lime light is nothing new for Service tax provide and service tax receiver. Under the reverse charge mechanism. Reverse Charge in service tax. 8.13 Other services under reverse charge.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
November 2016
Categories |