Charge of service tax on services received from outside india. Penalty for contravention of rules and provisions of act for which no penalty is specified elsewhere section 78 penalty for failure to pay service tax for reasons of fraud, etc. Icai the institute of chartered accountants of india set up by an act of parliament. The negative list shall comprise of the following services, namely. This section was introduced by finance act, 2006 w. Finance act, 1994 or any other act for the time being. Chapter v of finance act, 1994 ministry of finance.
The section 66d introduced in the finance act, 1994 states that the negative list would be comprising of the following. Service tax chapter v of finance act, 1994 section 73 73. The authority for levy of service tax on specified services is contained in section 66 of the. In this chapter, unless the context otherwise requires, a. 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. The valuation of services is done regarding section 67.
An act to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance. Section 66b of finance act, 1994 charge of service tax. Section 733 of the finance act, 1994 for avoiding penalty and non. Service tax act chapter v of the finance act, 1994 as on 142017 section 64. Custom, service tax, vat, dgft, foreign trade policy, sez, eou, export import laws, free trade policy etc. Icai is established under the chartered accountants act, 1949 act no. Section 75 interest on delayed payment of service tax.
Icai the institute of chartered accountants of india. Chapter i which that date falls, were a reference to tax at a rate. Chapter v of finance act, 1994 tax management india. The negative list of services means services on which no service tax will be charged. Service tax chapter v of the finance act, 1994 section 64. Section 66a of finance act, 1994 the reverse charge. Service tax act chapter v of the finance act, 1994 section.
This section is also popularly known as reverse charge mechanism. Service tax act chapter v of the finance act, 1994 cbic. At present, this section stipulates a rate of tax of. In cases of delay short payment erroneous refund of. There are changes that may be brought into force at a future date. Save judgments add notes store search result sets organizer client files start your free trial today. These negative lists of services are defined in the section 66d of finance act, 1994. Finance act 1994 complete act citation 50783 bare act.