NISHITH.TV
  • Mumbai
  • Silicon Valley
  • Bengaluru
  • Singapore
  • Mumbai BKC
  • New Delhi
  • Munich
  • New York

Locations

  • Mumbai
  • Silicon Valley
  • Bengaluru
  • Singapore
  • Mumbai BKC
  • New Delhi
  • Munich
  • New York
  • Content
  • Home
  • ABOUT US
  • NDA in the Media
  • Areas of Service
  • Research and Articles
  • Opportunities
  • Contact
  • NDACloud
  • Client Access
  • Member Access
  • Events and Calender
  • How we perform
  • Knowledge anywhere, anytime
  • See our recent deals
  • Up to date legal developments
  • Case studies in M&A

Research and Articles

HTMLPDF

  • Research at NDA
  • Research Papers
  • Research Articles
  • NDA Think Tanks
  • NDA Hotline
  • New Ali Gunjan
  • Japan Desk ジャパンデスク

NDA-Hotline


  • Debt Funding in India Series
  • Private Equity Corner
  • The Startups Series
  • Court Corner
  • Investment Funds: Monthly Digest
  • Insolvency and Bankruptcy Hotline
  • Deal Destination
  • New Publication
  • M&A Interactive
  • Lit Corner
  • Private Debt Hotline
  • Food & Beverages Hotline
  • Companies Act Series
  • Gaming Law Wrap
  • Private Client Wrap
  • GIFT City Express
  • Regulatory Hotline
  • Capital Markets Hotline
  • Tax Hotline
  • Corpsec Hotline
  • Dispute Resolution Hotline
  • M&A Hotline
  • Pharma & Healthcare Update
  • Competition Law Hotline
  • HR Law Hotline
  • IP Hotline
  • Telecom Hotline
  • FEMA Hotline
  • Social Sector Hotline
  • iCe Hotline
  • SEZ Hotline
  • Media Hotline
  • Funds Hotline
  • Education Sector Hotline
  • International Trade Hotlines
  • Other Hotline
  • Real Estate Update
  • Realty Check
  • White Collar and Investigations Practice
  • Legal Update
  • IP Lab
  • Cross Examination
  • Technology & Tax Series
  • Technology Law Analysis
  • Yes, Governance Matters.
  • Financial Service Update
  • Japan Desk ジャパンデスク

Tax Hotline

August 2, 2002

New services to attract service tax in India from August 16, 2002

Ten new services, such as event management, cable operators, fashion designers, health clubs, insurance auxiliary services and beauty treatment centers will attract 5 per cent service tax from August 16, 2002. The other services, which have been brought under the tax net, are cargo handling, storage and warehousing, rail travel agent and dry cleaners. Though the premium paid on life insurance policies will not attract the service tax, auxiliary insurance services, provided by insurance agents, actuaries, surveyors and loss assessors, will fall under the service tax net.

Cargo-handling services for agricultural produce or goods meant for cold storage have been exempted from service tax. The scope of banking and other financial services has been expanded to include all corporates rendering these services in the service tax net. Hitherto, only banking companies and financial institutions providing these specified services were liable to pay the 5 per cent service tax.

Further, if the service provider is a non-resident or is located abroad without an office in India, the recipient of the service in India would be liable to pay the 5 per cent service tax. Also, the service tax credit rules have been introduced to allow credit for tax paid on input services. The credit may be utilised for payment of tax on the output service falling in the same category of service as that of the input service. This is akin to the VAT (“Value Added Tax”) system and is seen to be a move towards introduction of VAT system

 

 
 

Source: The Economic Times, August 02, 2002

Mission and Vision


Distinctly Different

What's New


Mid-year Regulatory Update 2022: Pharmaceuticals in India
Pharma & Healthcare Update: June 24,2022
TCS case may throw spotlight on job termination in IT industry
Quotes : June 23,2022

Events


Webinars

Sustainable Mobility: Opportunities and Challenges
June 09,2022 - June 09,2022

This event is over. For event material please click here


Seminar

Navigating Disputes in India
February 26,2020 - February 26,2020

This event is over. For event material please click here


Round Table

Investing In Net Zero
July 14,2022 - July 14,2022

News Roundup


News Articles

Impact of Supreme Court’s new covidvaccination ruling on India’s employers
May 13,2022

Quotes

TCS case may throw spotlight on job termination in IT industry
June 23,2022

Newsletters


Pharma & Healthcare Update

Mid-year Regulatory Update 2022: Pharmaceuticals in India
June 24,2022

Regulatory Hotline

SEBI’s concerns on Algorithmic Trading by Retail Investors
June 22,2022

Technology Law Analysis

Cyber Security Due Diligence: Should investment committee and board members consider the target’s cyber security readiness before jumping in?
June 20,2022

  • Disclaimer
  • Content
  • Feedback
  • Walkthrough
  • Subscribe
Nishith Desai Associates@2016 All rights reserved.