More services brought in the service tax net; Indirect Taxes to yield Rs 7525 cr
Updated: Jul 10, 2014 05:00:23pm
New Delhi, Jul 10 (KNN) To broaden the tax base in service tax, sale of space or time for advertisements in broadcast media has been extended to cover such sales on other segments like online and mobile advertising. Meanwhile, the sale of space for advertisements in print media however would remain excluded from service tax.
Announcing the tax proposals, the Finance Minister Arun Jaitley said that the services provided by radio-taxis have been brought under service tax. The Finance Minister said that the tax proposals on the indirect taxes side are estimated to yield Rs 7,525 crore during 2014-15.
Jaitley announced that the services by air-conditioned contract carriages and technical testing of newly developed drugs on human participants have been brought under service tax.
Services provided by Indian tour operators to foreign tourists in relation to a tour wholly conducted outside India will be taken out of the tax net and Cenvat credit for services of rent-a-cab and tour operators will be allowed to promote tourism.
He said that services provided by the Employees’ State Insurance Corporation for the period prior to 1st July 2012 have been exempted from service tax. Exemption available for specified micro insurance schemes has been expanded to cover all life micro-insurance schemes where the sum assured does not exceed Rs 50, 000 per life insured.
24X7 customs clearance facility will be extended to 13 more airports in respect of all export goods and to 14 more sea ports in respect of specified import and export goods to facilitate cargo clearance. ‘Indian Customs Single Window Project to facilitate trade will be implemented, he said.
Customs and Central Excise Acts will be amended to expedite the process of disposal of appeals, the budget proposed. The Finance Minister said that the Government is committed to implement GST at the earliest and the issues raised by the states will be resolved soon. (KNN/SD)
Announcing the tax proposals, the Finance Minister Arun Jaitley said that the services provided by radio-taxis have been brought under service tax. The Finance Minister said that the tax proposals on the indirect taxes side are estimated to yield Rs 7,525 crore during 2014-15.
Jaitley announced that the services by air-conditioned contract carriages and technical testing of newly developed drugs on human participants have been brought under service tax.
Services provided by Indian tour operators to foreign tourists in relation to a tour wholly conducted outside India will be taken out of the tax net and Cenvat credit for services of rent-a-cab and tour operators will be allowed to promote tourism.
He said that services provided by the Employees’ State Insurance Corporation for the period prior to 1st July 2012 have been exempted from service tax. Exemption available for specified micro insurance schemes has been expanded to cover all life micro-insurance schemes where the sum assured does not exceed Rs 50, 000 per life insured.
24X7 customs clearance facility will be extended to 13 more airports in respect of all export goods and to 14 more sea ports in respect of specified import and export goods to facilitate cargo clearance. ‘Indian Customs Single Window Project to facilitate trade will be implemented, he said.
Customs and Central Excise Acts will be amended to expedite the process of disposal of appeals, the budget proposed. The Finance Minister said that the Government is committed to implement GST at the earliest and the issues raised by the states will be resolved soon. (KNN/SD)
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