What is 66D exemption?
(ii) The entry in the Negative List that covers service by way of any process amounting to manufacture or production of goods [section 66D (f)] is being pruned to exclude any service by way of carrying out any processes for production or manufacture of alcoholic liquor for human consumption.
Is service tax applicable on job work?
As per Section 66D(f) of the Finance Act, 1994 any process amounting to manufacture or production of goods is not taxable service. As per the said Notification, job work in relation of any goods on which appropriate duty is payable by the principal manufacturer, is exempted.
What is Section 66D Financial Act 1994?
Section 66D of Finance Act, 1994 specifies the Negative list of services i.e the Services on which Service Tax is not leviable. 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. 19/2012-ST dated 5 June 2012.
Who is exempted GST?
Businesses and individuals are exempt from GST if their annual aggregate turnover is less than a specific amount. At the time of GST implementation in July 2017, businesses/individuals with annual aggregate turnover of less than Rs. 20 lakhs were allowed GST exemption.
What is tax free service?
Any service that is provided or offered free of cost is exempt from service tax. Taxable services that are provided to diplomats and their family members for official purposes are exempt from service tax.
Is GST applicable on Labour job?
GST is applicable on all goods and services, including the service of the labour contract.
What is annual finance act?
October 2015) A Finance Act is the fiscal legislation enacted by the Indian Parliament to give effect to the financial proposals of the Central Government. It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs.