InterviewSolution
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InterviewSolution
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Whether Sbc Would Be Applicable On Services Covered By Rule 6 Of Service Tax Rules (i.e. Air Travel Agent, Life Insurance Premium, Purchase And Sale Of Foreign Currency And Services By Lottery Distributors/selling Agents)? |
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Answer» Sub-rule (7D) to rule 6 has been inserted vide notification 25/2015-Service Tax, dated 12th November, 2015 so as to provide that the person liable for paying the service tax under sub-rule (7), (7A), (7B) or (7C) of rule 6 of Service Tax Rules, shall have the option to PAY SBC as determined as per the following formula:-Service Tax liability [calculated as per sub-rule (7), (7A), (7B) or (7C)] X 0.5%/14% The option under this sub-rule once EXERCISED, shall APPLY uniformly in respect of such services and shall not be CHANGED during a financial year under any circumstances. Sub-rule (7D) to rule 6 has been inserted vide notification 25/2015-Service Tax, dated 12th November, 2015 so as to provide that the person liable for paying the service tax under sub-rule (7), (7A), (7B) or (7C) of rule 6 of Service Tax Rules, shall have the option to pay SBC as determined as per the following formula:-Service Tax liability [calculated as per sub-rule (7), (7A), (7B) or (7C)] X 0.5%/14% The option under this sub-rule once exercised, shall apply uniformly in respect of such services and shall not be changed during a financial year under any circumstances. |
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