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Finance Bill gets president`s approval
May, 31st 2008

The Finance Bill, 2008, today received the President's assent. Soon after, the finance ministry issued notifications to give effect to various provisions related to service tax.

The amendment regarding transaction between associated enterprises which says that service tax will have to be paid even if the consideration is not actually received comes into effect from today.

Service tax on seven new categories of services and amendments to existing taxable services will come into effect from May 16.

The seven new categories are services provided by stock exchanges, commodity exchanges, processing and clearing houses and management of unit-linked insurance plans.

Others include services provided in relation to IT software for use in the course of business, services provided in relation to supply of tangible goods without transferring right of possession and services provided in relation to internet telecommunication.

Amendments in Export of Services Rules, 2005, and taxation of services provided from outside India and received in India will also come into effect from May 16. The optional scheme for payment of service tax on purchase or sale of foreign currency will also come under the tax net from the same date.

The finance ministry also notified service tax refunds to exporters on three additional services, including purchase or sale of foreign currency under banking and other financial services, purchase or sale of foreign currency under foreign exchange broking services and services related to supply of tangible goods for use. These provisions will come into effect from May 16.

Certain provisions related to the levy of service tax in the Finance Act, 2008, will come into force from a date that it yet to be notified.

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