MORE ON SERVICE TAX..................
SERVICE TAX-
• Service Tax exemption limit for small service providers raised from Rs 4 lakh to Rs 8 lakh.
• Service Tax extended to services outsourced for mining of mineral, oil or gas and commercial rentals. Residential properties, vacant land used for agriculture and similar purposes, land for sports, entertainment and parking purposes, and immovable property for educational or religious purposes excluded.
• Development and supply of content for use in telecom and advertising purposes, asset management services provided by individuals and design services brought under the Service Tax.
• Services provided by resident welfare associations exempted from tax.
• Services provided by technology business incubators with annual turnover not more than Rs 50 lakh exempted from tax for first three years.