The Finance Minister has introduced the Finance Bill, 2010, in the Lok Sabha on 26th February 2010. Clause 75 and 76 of the said Bill covers the legislative changes relating to Chapter V of the Finance Act, 1994 (i.e. Service Tax). While some fresh exemptions from service tax have been granted, some existing exemptions have either been withdrawn or modified. All these changes have been notified under notification nos. 2/2010-ST to 17/2010-ST all dated 27th February 2010. While most of the legislative changes in the Finance Act, 1994 would come into force from a date to be notified after the enactment of the Finance Bill, 2010, the notifications (except notification nos. 7/2010-ST, 8/2010-ST and 9/2010-ST which would come into effect from 01.04.2010) would become effective from 27th February 2010.
We have attempted to bring all the important changes pertaining to service tax relevant at this stage to your notice through this letter and its Annexures. Upon enactment of the Finance Bill, 2010, when the legislative provisions come into effect, another communication would be sent to you explaining the changes in detail and addressing the doubts and queries raised by you and the trade in the intervening period. To avoid repetition, no separate Explanatory Notes are being issued for service tax.
The complete letter is as follows, you can download the same. For quick reference see the article about service tax newly added services in Finance Bill 2010.
Finance Act 2010 Provisions Pertaining to Service Tax explained by Department
Related posts:
- Finance Bill, 2010 Passed by Lok Sabha on 29-4-2010.
- New Eight Services Added under Service Tax
- Service Tax Second Amendment Rules 2010 – Notification No. 50/2010
- New Provisions of Service Tax on Sale and Construction of Residential Property
- Service Tax Notifications From No.51 to 58
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