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Budget Analysis 2007 |
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Service Tax
● Proposal:
Exemption limit for small service providers has been expanded from Rs. 4
Lakh to Rs. 8 Lakh.
The Impact:
Many small service providers such as beauty parlours, architects,
interior decorators, coaching and training institutes etc having
turnover less than Rs. 8 Lacs are exempted from service tax.
● Proposal:
Asset management services including portfolio management and all forms
of fund management service provided by any person, except by any body
corporate have been brought under service tax net.
The Impact:
Personal asset and portfolio management services provided by individuals
could be costlier by 12.36%.
● Proposal:
Rent a cab service has been expanded to include vehicle capable of
carrying more than 12 passengers.
The Impact:
Renting of higher capacity vehicles such as buses is likely to be
costlier by about 5%(with abatement ) as service tax would now be borne.
● Proposal:
Event Manager's services specifically include marriage.
The Impact :
Cost of an event manager to organise marriages may be costlier by
12.36%.
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