Section 66b of the finance act 1994 pdf files

Service tax chapter v of the finance act, 1994 section 64. Furnishing of information and production of documents. Tag service tax under section 66b of the finance act 1994. This section is also popularly known as reverse charge mechanism. Service tax on construction activity charteredonlineupload. Section 87 was inserted by the finance act, 2006 with effect from 18. Section 66b is the charging section and holds a vital importance in understanding the service tax act. Section 66b of finance act 1994 plays a vital role in understanding the term service tax levy on services other than services enumerated in the negative list. Save judgments add notes store search result sets organizer client.

A2z taxcorp llp is a professionally managed firm and having team of distinguished chartered accountants, company secretary, lawyer. Section 66a of finance act, 1994 the reverse charge mechanism. Jun 28, 2015 declared services section 66e of finance act, 1994 1. Section 66e, finance act, 1994 2016 declared services. Superintendent of central excise section 70 of the finance act, 1994.

The provision of this section shall not apply on or after 1st july, 2012. In this chapter, unless the context otherwise requires. Charge of service tax on services received from outside india upto. Presentation has been prepared from a speakers point of view for purpose of a seminar and thus it has not been described in detail.

The taxability of services or the charge of service tax has been specified in section 66b of the act. How to file income tax return of a deceased assessee. The negative list shall comprise of the following services, namely. Section 93 of the finance act also confers power to the central government to grant exemption from service tax for any service, which may not be on the. Reference to section 66 to be construed as reference to section 66b1 w.

Service tax act chapter v of the finance act, 1994 as on 142017 section 64. D in section 66d, in clause d, in subclause i, the word seed shall be omitted. Provided that swachh bharat cess shall not be leviable on services which are exempt from service tax by a notification issued under sub section 1 of section 93 of the finance act, 1994 or otherwise not leviable to service tax under section 66b of the finance act, 1994. Amendment of section 34 exemption from tax of income derived from patent royalties of finance act, 1973. In exercise of the powers conferred by sub section 1 of section 93 of the finance act, 1994 32 of 1994 hereinafter referred to as the said finance act. Amendment of section 49 tax treatment of foreign trusts of finance act, 1993. Classification of taxable services upto 3062012 section 65b. As per section 66b of the finance act, 1994, there shall be levied a tax hereinafter referred to as the service tax at the rate of fourteen per cent on the value of all services, other than those services specified in the negative list, provided or agreed to be provided in the taxable territory by one. Section 66a creates a charge on service recipient in some cases, basically in the cases of import. Service tax act chapter v of the finance act, 1994 cbic. Contents a5 circularspress release section 66b of the finance act, 1994 charge of service tax clarification on applicability of service tax on ambulance services provided to government by private service providers. Amendment of section 46 limited partnerships of finance act, 1986. This notification shall come into force from the 15th day of november, 2015.

Section 66b of finance act, 1994 charge of service tax. The words amount due may be, in the context of finance act, 1994, as service tax due. There shall be levied a tax hereinafter referred to as the service tax at the rate of fourteen per cent on the value of. Chapter v of finance act, 1994 tax management india. Section 66b of the finance act, 1994 envisages that there shall be a tax levied at the rate of 12 percent on the value of all services, other than those specified in the negative list, provided or agreed to be provided in the taxable territory by one person to another and collected in such manner as may be prescribed. In respect of such services, the amount on which servi ce tax is payable has to be shown as calculated in terms of rule 7 of point of taxation rules, 2011. In the negative list approach of taxation of services, the definition of service gains paramount importance. Agreed to be provided means it also covers the cases where services are provided on credit. Section 3, sub section i government of india ministry of finance department of revenue notification no.

Restriction on capital allowances for certain leased machinery or plant. Insertion of explanation to section 66b of the finance act, 1994. Earlier, under the selective approach of taxation of services, the word service was nowhere defined in the finance act, 1994. Analysis section 66b is the charging section and holds a vital importance in understanding the service tax act. The bare text of section 66b is available in the annexure, and the same can also be downloaded in the pdf version. There are changes that may be brought into force at a future date. The words agreed to be provided are off prime importance. Jun 03, 2016 so to level the field for both resident and nonresident and also to increase the tax revenue, government introduced section 66a through finance act, 2006.

Kalimuthu under secretary to the government of india note. Contents a5 circularspress release section 66b of the finance act, 1994 charge of service tax clarification on applicability of service tax on ambulance services provided to. This section is applicable from the 1st july, 2012. Finance act 1994 is up to date with all changes known to be in force on or before april 2020. Chapter ii service tax on commercial training or coaching service. Subject amendments in service tax laws through finance act, 2012. In exercise of the powers conferred by sub section 1 of section 93 of the finance act, 1994 32 of 1994 hereinafter referred to as the said act, and in supersession of notification number 2012 service tax, dated the 17 th march, 2012, published in the gazette of india, extraordinary, part ii, section 3, sub section i vide number g. Section 87 prescribes the procedure for the recovery of amount due to the central government. Important sections inserted in finance act, 1994 applicable. Whereas difficulties have arisen in giving effect to the provisions of section 143 of the finance act, 2012 23 of 2012, in so far as it relates to insertion of section 66b in chapter v of the finance act, 1994 32 of 1994. There shall be levied a tax hereinafter referred to as the service tax at the rate of. The word taxable territory has been defined in section 65b52 as territory to which the provisions of chapter v of finance act, 1994 as amended apply, i. The following shall constitute declared services, namely. Service tax is to be paid to the credit of the central government by the 6th day of the month, if the duty is deposited electronically and by the 5th day of the month, in any other case, immediately following the calendar month in which the service is deemed to be provided.

Service tax chapterv of the finance act 1994 as amended. The principal notification was published in the gazette of india, extraordinary, by notification no. As per section 66b of the act, there shall be tax levied on the value of service if provided or agreed to be provided in a taxable territory. Taxable territory is defined in section 65b of the finance act 1994. However, the said exemption does not cover services specified in subclauses i, ii and iii of clause a of section 66d of the finance act, 1994. Proposed section 66b of finance act, 1994 shall be the new charging section of service tax. Disclaimer all images are for representational purposes only. This section was introduced by finance act, 2006 w. Section 66a of finance act, 1994 the reverse charge. For the removal of doubts, it is hereby clarified that the references to the provisions of section 66 in chapter v of the finance act, 1994 32 of 1994 or any other act, for the purpose of levy and collection of service tax, shall be construed as references to the provisions of section 66b. All images are property of and belong to their respective owners. Finance act 1994 complete act citation 50783 bare act. Jun 03, 2016 this section is applicable from the 1 st july 2012. Recovery of service tax under section 87 of finance act,1994.

Chapter v of the finance act, 1994 as amended service tax. Finance act 1994 is up to date with all changes known to be in force on or before 10 april 2020. Jun 18, 2015 section 87 was inserted by the finance act, 2006 with effect from 18. A2z taxcorp llp is a boutique indirect tax firm having professionals from multi disciplines which includes goods and services tax gst, central excise, custom, service tax, vat, dgft, foreign trade policy, sez, eou, export import laws, free trade policy etc. There shall be levied a service tax at the rate of twelve per cent on the value of all services, other than those services specified in the negative list, provided or agreed to be provided in the taxable. Further, in case of continuous service, the exemption shall be applicable where the gross amount charged for such service does not exceed rs. Important sections inserted in finance act, 1994 applicable from 01.

Service tax act chapter v of the finance act, 1994 section. Insertion of explanation to section 66b of the finance act. Section77 penalty for contravention of rules and provisions of act for which no penalty is specified elsewhere section78 penalty for suppressing value of taxable service section79 penalty for failure to comply with notice. Nidhi company companies act 20 view all popular posts. Mar 31, 2017 the finance act 1994 service tax finance act 1994 as amended by finance act 2017 section 64 extent, commencement and application 1 this chapter extends to the whole of india except the state of jammu and kashmir. The section 66d introduced in the finance act, 1994 states that the negative list would be comprising of the following.