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Service tax on 15 new services from May 1
NEW DELHI:
Service tax will be levied on 15 new services, including ATM operations, internet telephony and credit/debit card related services from May 1, with the Finance Act receiving the President's assent.
The Act received the assent of the President on April 18 and notifications were issued on Tuesday. ``Fifteen services which are specifically mentioned in the category of taxable services and the amendments made relating to existing taxable services shall come into effect from May 1,'' an official press release said here.
The Finance Minister P. Chidambaram had raised service tax rate to 12 per cent from 10 per cent in the budget for 2006-07 and brought 15 new services under the tax bracket.
Services provided by a registrar to an issue, share transfer agent, automated teller machine operations, service provided by recovery agent, sale of space/time for advertisement will attract the tax.
Also, under the service tax net are sponsorship services, transport of passengers embarking on international journey, transport of goods in containers by rail, business support services, auctioneers' service, public relations service, ship management, internet telephony, transport of persons by cruise ship and credit/debit card related services.
Air travel agents
Consequent to the increase in rate of service tax from 10 to 12 per cent, air travel agents would have to pay 0.6 per cent of the basic fare as service tax in the case of domestic bookings instead of present 0.5 per cent and 1.2 per cent of the basic fair against one per cent presently in the case of international bookings. — PTI
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