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Government has issued detailed instructions explaining the scope of new services, extended scope of existing taxable services and other legislative changes made in the Finance Act, 2005. The objective is to provide guidance and to facilitate understanding of the changes made in the Budget. Relevant provisions of the law need to be referred to for understanding the exact scope of the various legal provisions.
The Finance Act, 2005 incorporates the following changes pertaining to service tax:
a) Levy of service on nine new services.
b) Expanding the scope of twelve existing taxable services.
c) Levy and collection of taxable table services received from abroad.
d) Liability to pay service tax immediately after receipt of payment for the taxable services provided or to be provided.
The Finance Act, 2005 has come into force with effect from 13th May, 2005. The said instructions are available on the website of the Central Board of Excise and Customs (www.cbec.gov.in).
BSC/BY/GN-279/05
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