Service Tax - Finance Act 2012 - Effective Date Notified
HERE is a very complicated amendment.
Section 143 of the Finance Act 2012, amended Chapter V of the Finance Act, 1994, relating to service tax, with a view to replace the existing system of taxation of services based on specified description of services with a new system of taxation of all services other than the services specified in the negative list.
By Clauses (A), (B), (D) and (E) of Section 143 of the Finance Act, certain amendments were made to the following Sections of the Finance Act 1994 (Service Tax):
A. Section 65: Definitions
B. Section 65A: Classification of Services
D. Section 66: Charge of Service Tax.
E. Section 66A: Charge of Service Tax on services received from outside.
What was the amendment?
The amendment was to delete the above sections from the Statute - the amendments read as "the provisions of this section shall not apply with effect from such date as the Central Government may, by notification, appoint."
The amendments were to take effect from a date to be notified. So, the Government has notified 1st June 2012 as the date from which the amendment was to take effect. That is from 1st June 2012, these Sections have a clause that they shall not apply from a date to be notified by the Government.
Notification No. , Dated: June 01, 2012