Exemption to value of specified services [expanded by Finance (No. 2) Act, 2004] received prior to 10-9-2004. - 025/04 - Service Tax

Exemption to value of specified services [expanded by Finance (No. 2) Act, 2004] received prior to 10-9-2004.

[Notification No. 25/2004-S.T., dated 10/9/2004]

[As corrected by corrigendum F. No. B2/8/2004-TRU, dated 7/10/2004]

In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts that portion of the value of following taxable services, namely-

(a) services provided to a customer, by a commissioning and installation agency in relation to erection;

(b) services provided to any person, by a sub-broker in connection with the sale and purchase of securities listed on a recoginsed stock exchange;

(c) services provided to any person by a multi system operator in relation to cable services;

(d) services provided to a client by a commercial concern in relation to the following business auxiliary services namely,-

(i) procurement of goods or services, which are inputs for the client;

(ii) production of goods on behalf of the client;

(iii) provision of service on behalf of the client; or

(iv) a service incidental or auxiliary to any activity specified in (i) to (iii) above;

(e) services provided to a customer by ¹[a commercial concern], other than a banking company or a financial institution including a non-banking ¹[financial company or any other body corporate], in relation to banking and other financial services;

(f) services provided to a customer by a banking company or a financial institution including a non-banking ¹[financial company or any other body corporate] in relation to financial services namely lending; issue of pay order, demand draft, cheque, letter of credit and bill of exchange; providing bank guarantee, over draft facility, bill discounting facility, safe deposit locker, safe vaults; operation of bank accounts;

(g) services provided to any person by a tour operator, other than a tour operator engaged in the business of operating tours in a tourist vehicle covered by a permit granted under the Motor Vehicles Act, 1988 or rules made thereunder, in relation to a tour; and

(h) service provided to a policy holder, by an insurer carrying on life insurance business in relation to the risk cover in life insurance, from the whole of service tax leviable thereon under section 66 of the said Act, which is received by the service provider prior to the 10th day of September, 2004.

 

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Note :

1. In line 18, for "by any body corporate or commercial concern", read "by a commercial concern"; and in line 19 for "financial company," read "financial company or any other body corporate,"; and in line 22, for "financial company", read "financial company or any other body corporate". Corrected by corrigendum F. No. B2/8/2004-TRU, dated 7/10/2004