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New service tax regime

New Delhi, June 6 (PTI): All services, except the 17 in the negative list, will be taxed from July 1, the finance ministry has said.

The government has widened the definition of services to bring in more activities under the tax net. At present, taxes are levied on 119 services that come under the positive list.

The negative list approach was proposed in the budget. Following the approval of the President to the finance bill, the finance ministry said the new regime would come into force from July.

The budget also hiked the service tax rate by two per cent to 12 per cent.

Services such as metered taxis, auto rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and electricity transmission or distribution by discoms have been kept in the negative list.

Other important services which will not attract the tax include funeral, burial, mutate services and transport of the deceased.

 
 
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