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I’m not a tax expert but I just read this Service Tax Notification No. 36/2010 Dated Jun 30th 2010
Service Tax Notification No. 36/2010June, 30th 2010
Government of IndiaMinistry of Finance (Department of Revenue)
New Delhi, the 28th June, 2010
Notification No. 36/2010 – Service Tax
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services specified in clause (A) of section 76 of the Finance Act, 2010 (14 of 2010) other than services referred to in clause (zzc) and (zzzz) of sub-section (105) of section 65 of the Finance Act from so much of the service tax leviable thereon under section 66 of the Finance Act as is in excess of the service tax calculated on a value which is equivalent to the amount of advance payment received before the said appointed date.
Explanation.- For the purpose of this notification,
(i) “appointed date” means the 1st day of July, 2010;
(ii) “advance payment” means consideration received for the said taxable services to be provided.
2. This notification shall come into force on the date of its publication in the Official Gazette.
[F. No. 334/3/2010 -TRU]
(K.S.V.V.Prasad)
Under Secretary to the Government of India
As far as I understood this would mean that there would not be any service tax levied for payments that were made before July 1 2010 for the new services that have been brought under the scanner of Service tax in the Finance Act of 2010. And this would mean that there would not be any tax on payments that were made for construction of houses before this date. YIPPPEEE!!! Real Estate sector as a whole might still not be happy but this is indeed a good news for people who bought houses some time back before they knew of such extra charge which amounts to quite a bit.
© Shantanu Goel | No Service Tax on Housing/Construction for Payments Made Before July 1 2010
