SERVICE TAX - New exemptions - THE FINANCE (No. 2) BILL, 2014

New exemptions

          • Life micro-insurance schemes for the poor, approved by IRDA, where sum assured does not exceed Rupees Fifty Thousand to be exempted from service tax.

          • Transport of organic manure by vessel, rail or road (by GTA) is being exempted.

          • Loading, unloading, packing, storage or warehousing, transport by vessel, rail or road (GTA), of cotton, ginned or baled, is being exempted.

          • Services provided by common bio-medical waste treatment facility operators to clinical establishments are being exempted.

          • Specialized financial services received by RBI from global financial institutions in the course of management of foreign exchange reserves, e.g., external asset management, custodial services, securities lending services, etc. are being exempted.

          • Services provided by Indian tour operators to foreign tourists in relation to a tour wholly conducted outside India are being exempted.

          • New exemptions will come into effect immediately,i.e.11.7.2014

See:- Mega exemption notification - Notification No. - 25/2012 Dated - June 20, 2012 - [As amended]