Which service is included in the negative list?
Negative list of Services
- services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;
- services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport;
What do you mean by zero tax negative list?
Negative list of services means that all services, excluding those specified in negative list will be subject to service tax. However, in addition to items included in negative list, there will be exemptions, abatements and composition schemes as issued by the CBEC from time to time.
What is negative list under GST?
Negative list under GST. Services by employee to employer in the course/ relation to employment. Services of funeral, burial, crematorium or mortuary. Sale of land. Sale of completed buildings.
Which of the following is not included in the negative list of service tax?
As per sub-clause (i) of clause (a) of section 66D services provided by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services carried out on payment of commission on non government business are excluded from the negative list.
What means negative list?
The term negative list is used to define industries in which foreign companies cannot invest and specifies restrictions or bans on certain types of foreign investment.
Which of the service is not taxable?
Difference between Nil Rated, Exempt, Zero Rated and Non-GST supplies
| Supply Name | Description |
|---|---|
| Nil Rated | Supplies that have a declared rate of 0% GST. Example: Salt, grains, jaggery etc. |
| Exempt | Supplies are taxable but do not attract GST and for which ITC cannot be claimed. Example: Fresh milk, Fresh fruits, Curd, Bread etc. |
Which of the following is not in the negative list of supply?
Sale of land and building are not taxable being covered by the negative list but construction of complex service provided before issue of a completion certificate is taxable. 3. Amongst actionable claims, only lottery, betting and gambling are taxable.
What are the activities specified as negative list according to Schedule 3?
Negative List under GST : Schedule III
- Services of funeral, burial, crematorium or mortuary including transportation of the deceased.
- Sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building.
What is negative list of services in service tax?
Negative List of Services are different from the exempt Services as exempt services are although taxable but government has exempted them from service tax, while services in Negative list are not taxable at all. (Please Note Only specific services such as speed post etc are liable to Service Tax.
What is a service under the Negative List regime?
For the first time since the introduction of service tax law, term ‘service’ has been defined under the Negative list regime to mean “any activity carried out by a person for another for consideration, and includes a declared service”. 2.2.
Which services are not liable to service tax?
(Please Note Only specific services such as speed post etc are liable to Service Tax. Thus, basic mail service, money order service, pension payment etc is not liable to Service Tax)
Is gambling included in Section 65B of service tax?
(Amended by Finance Act, 2015 applicable from 1st June, 2015 vide Notification No.14/2015-Service Tax, dated 19th May, 2015) Explanation – For the purposes of this clause, the expression “betting, gambling or lottery” shall not include the activity specified in Explanation 2 to clause (44) of section 65B;