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Indirect Taxes- Service Tax:
Exemption limit for small service providers to be raised from Rs.400,000
to Rs.800,000 ;
Extension of service tax to :
● services outsourced for mining of mineral, oil or gas;
● renting of immovable property for use in commerce or business
● (residential properties, vacant land used for agriculture and
similar purposes, and land for sports, entertainment and parking
purposes & immovable property for educational or religious purposes to
be excluded);
● Development and supply of content for use in telecom and
advertising purposes;
● Asset management services provided by individuals;
● design services;
● services involved in execution of a works contract with an
optional composition scheme under which tax will be levied at only 2% of
the total value of works contract.
Exemption to:
● Services provided by Resident Welfare Associations to their
members who contribute Rs.3000 or less per month for services rendered ,
● Services provided by technology business incubators, their incubatees
whose annual business turnover does not exceed Rs.50 lakhs to be exempt
for first three years;
● Clinical trial of new drugs to make India a preferred
destination for drug testing .
● Department of Telecommunications to constitute a committee to
study the present structure of levies on telecom industry.