Nsection 66d of the finance act 1994 pdf merger

Penalty for contravention of rules and provisions of. Service tax chapterv of the finance act 1994 as amended. Since then it was amended time to time by government of india keeping in mind the practical problems and the need for tax revenue. So to level the field for both resident and nonresident and also to increase the tax revenue, government introduced section 66a through finance act, 2006. Sunset clause of this section the provision of this section shall not apply on or after 1st july, 2012. Service tax chapter v of the finance act, 1994 section 64. The negative list shall comprise of the following services, namely. Finance act, 1994 or any other act for the time being in force, shall be construed as reference to section 66b thereof. Section 66a of finance act, 1994 the reverse charge.

This section was introduced by finance act, 2006 w. This rationalization by way of merger of categories has been made to avoid. This section is also popularly known as reverse charge mechanism. Service tax act chapter v of the finance act, 1994 section.

Services provided by government or a local authority to an individual who may be carrying out a profession or business. The words agreed to be provided are off prime importance. However, in the year 2012, service tax took a big turnaround, and the whole concept of service tax was changed. Agreed to be provided means it also covers the cases where services are provided on credit. Section 66d is been inserted in finance act, 1994 by finance act, 2012 and been notified to be effective from 1st july 2012 vide notification no. Service tax act chapter v of the finance act, 1994 cbic. A negative list of services under service tax implies two things. Taxable territory is defined in section 65b of the finance act 1994. Chapter v of finance act, 1994 ministry of finance. Section 66a creates a charge on service recipient in some cases, basically in the cases of import. Short title and commencement 1 these rules may be called the service tax rules, 1994. The section 66d introduced in the finance act, 1994 states that the negative list would be comprising of the following the negative list shall comprise of the following services, namely. Earlier, the charge was created through section 66.

Finance act 1994 complete act citation 50783 bare act. Section 66b of finance act, 1994 charge of service tax. Negative list under section 66 d 1 of the finance act, 1994. Service tax negative list amended by finance act 2017. Section 66d of finance act, 1994 specifies the negative list of services i. Service tax act chapter v of the finance act, 1994 as on 142017 section 64. Section 66b is the charging section and holds a vital importance in understanding the service tax act. Service tax negative list as amended by finance act 2017 section 66d of finance act, 1994 service tax act. Registration act, 1955 to combine their mutual areas of expertise for the. This section is applicable from the 1 st july 2012.