BUDGET VI - Effect On Reverse Charge Mechanism:
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Old Law
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New Law
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Effective Date
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Paragraph I (A)(ib)
New entry
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The taxable services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company.
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1st Day of April, 2015
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Paragraph I (A)(ic)
New entry
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The taxable services provided or agreed to be provided by a selling or marketing agent of lottery tickets to a lottery distributor or selling agent.
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1st Day of April, 2015
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Paragraph I (A)(iv)(C)
The taxable services provided or agreed to be provided by government or local authority by way of support services excluding:-
- Renting of immovable property , and
- Services specified in sub clauses (i),(ii) and (iii) of (a) of section 66D of Finance Act, 1994.
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The taxable services provided or agreed to be provided by government or local authority excluding:-
1) Renting of immovable property, and
2) Services specified in sub- clauses (i),(ii) and(iii) of clause (a) of section 66D of the Finance Act,1994.
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Date to be notified by Central Government.
Also clause 49 of Section 65 B explaining meaning of support services has been omitted.
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Paragraph I (A)(vi)
New entry
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The taxable services provided or agreed to be provided by a person involving an aggregator in any manner;
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1st Day of March, 2015
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Additions or modifications in the extent of Service tax payable by specified persons
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SI No.
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Description of Service
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Service Provider
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Any person liable to pay service tax other than the service provider.
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% Of service tax payable by the person providing service (i.e. service provider)
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% of service tax payable by any person liable to pay service tax other than the service provider.
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1B
(New Entry effective from 01.04.2015)
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In respect of service provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company
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Mutual Fund Agent or distributor
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Mutual Fund or Asset Management Company
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Nil
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100%
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1C
(New Entry effective from 01.04.2015)
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In respect of service provided or agreed to be provided by selling or marketing agent of lottery tickets to a lottery distributor or selling agent
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Selling or Marketing agent of lottery tickets
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Lottery distributor or selling agent
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Nil
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100%
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8
(Modification effective from 01.04.2015)
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In respect of services provided or agreed to be provided by way of supply of manpower for any purpose or security services.
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Individual or HUF or Proprietary firm or Partnership firm or Association of Persons
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Business entity registered as Body Corporate
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Nil
(Earlier - 25%)
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100%
(Earlier - 75%)
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11
(New Entry effective from 01.03.2015)
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In respect of service provided or agreed to be provided by a person involving an aggregator in any manner;
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Person involving aggregator
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Aggregator of service or the person representing the aggregator in the taxable territory or the person appointed by the aggregator for the purpose of paying service tax.
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Nil
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100%
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This is just for your reference. It does not constitute our professional advise or recommendation.
CA Akash Phophalia
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