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Service tax payers need to be cautious on new regime
July, 02nd 2012

As the negative list of services tax is launched from Sunday, confusions are galore that persist over the topic. Nearly 17 services have been kept out of the list and the service tax at the rate of 12.36% will be applicable in the remaining all 120 services.

But, the problem was that even those services that have been included in the negative list can fall under the service tax net in certain conditions. For example, there will be no service tax on payment of house rent. But the same will become applicable on rent in case the house was being used for commercial purposes.

Sheeetal Jain, chairperson, Indore branch of the Institute of Chartered Accountants of India, said, "It is always good to take advices of tax practitioners so as to avoid any confusion. Even those items that are included in the negative list of service tax will also become liable for tax in certain conditions. Again, the exemptions are applicable only under certain conditions. If education has been kept in the negative list, then it is applicable only up to secondary school education level as the tax will be applicable in all higher classes."

Dircption:- As the negative list of services tax is launched from Sunday, confusions are galore that persist over the topic. Nearly 17 services have been kept out of the list and the service tax at the rate of 12.36% will be applicable in the remaining all 120 services.

But, the problem was that even those services that have been included in the negative list can fall under the service tax net in certain conditions. For example, there will be no service tax on payment of house rent. But the same will become applicable on rent in case the house was being used for commercial purposes.

Sheeetal Jain, chairperson, Indore branch of the Institute of Chartered Accountants of India, said, "It is always good to take advices of tax practitioners so as to avoid any confusion. Even those items that are included in the negative list of service tax will also become liable for tax in certain conditions. Again, the exemptions are applicable only under certain conditions. If education has been kept in the negative list, then it is applicable only up to secondary school education level as the tax will be applicable in all higher classes."

Sunil Bajaj, the newly elected secretary of Yeshwant Club, said, "The government has set target to collect revenue amounting to Rs 1.24 lakh crore through the additional services. Hence my advice to the taxpayers will be that they should be honest towards the payment of taxes."

 
 
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