Apr13
2015Changes applicable in service tax as per Finance Bill 2015 :-
Cases not involving extended period of limitation | Cases involving extended period of limitation |
Maximum Penalty is 10% of Service Tax involved | Maximum Penalty is 100% of Service Tax involved |
No Penalty is Service Tax and interest is paid within 30 days of issuance of show cause notice. | Penalty is 15% of service tax if tax, interest and reduced penalty paid within 30 days of issuance of show cause notice. |
25% of Maximum penalty if Tax, interest and reduced penalty paid within 30 days of order. | Penalty is 25% of Service Tax if Tax, interest and reduced penalty paid within 30 days of order |
Benefit of reduced penalty to be extended also to the tax demands modified in appeal if tax, interest and penalty paid within 30 days of order. | Benefit of reduced penalty to be extended also to the tax demands modified in appeal if tax, interest and penalty paid within 30 days of order. |
Service | Earlier Rates | New Rates |
Manpower Supply Service/ Security Service |
Service Provider :- 25% Service Receiver :- 75% |
Service Provider :- N I L Service Receiver :- 100% |
In Case of Aggregator | N. A. | Service Provider :- N I L Service Receiver :- 100% |
Service | Earlier Provision | New Provision |
Transport of Goods & Passenger by Rail | No Restriction while availing abatement | While availing abatement no CENVAT credit on inputs, input services and capital goods available. |
Transport of Goods by Road ( GTA Service ) |
Taxable Portion :- 25% Abatement Portion :- 75% |
Taxable Portion :- 30% Abatement Portion :- 70% |
Transport of Passenger by Air | Taxable Portion 40% in all class | Taxable Portion bifurcated under two portion :- Economy lass :- 40% Other Class :- 60% |
Transport of Goods by Vessel | Taxable Portion :- 40% Abatement Portion :- 60% |
Taxable Portion :- 30% Abatement Portion :- 70% |