All services except 17 in the negative list, will be taxed from July 1, the Finance Ministry has said. Under the 'negative list' approach, services specified in the list will remain outside the tax net.
The government has widened the definition of 'Services' to bring in more activities under the tax net. At present, 119 services that come under 'positive list' are levied.
The 'negative list" approach was proposed in the Budget. Following assent of the President to the Finance Bill, the Finance Ministry said the new service tax regime will come into force from July 1.
The Budget also hiked the service tax rate by two per cent to 12 per cent.
Almost all services to be taxed from Jul 1
Sucks for all of us.
The government has widened the definition of 'Services' to bring in more activities under the tax net. At present, 119 services that come under 'positive list' are levied.
The 'negative list" approach was proposed in the Budget. Following assent of the President to the Finance Bill, the Finance Ministry said the new service tax regime will come into force from July 1.
The Budget also hiked the service tax rate by two per cent to 12 per cent.
Almost all services to be taxed from Jul 1
Sucks for all of us.