Amendments
This query is : Resolved
03 May 2013
what is the difference between the negative list and mega exemp list?
03 May 2013
services mentioned in negative list are not chargable to tax at all. as per charging section of service tax act.
services in mega exemption is chargable to tax but exempted by the goverment, hence not exempted since taxable.
an exemption can not be given for any thing which is not chargable since begining, hence for negative list services exemption not required.
though according to my opinion, govt. has put the services in negative list to provide the clarity on activities on which there were dispute about whether taxable or not. now after negative list no more dispute.
In exemption govt. has selected those specific services which govt. find that they are taxable as per logical way but is exempted for the time being for the benefit of public, and will keep change the list as per requirement, In last budget few services which were exempted, now no more exempted.
services in mega exemption is chargable to tax but exempted by the goverment, hence not exempted since taxable.
an exemption can not be given for any thing which is not chargable since begining, hence for negative list services exemption not required.
though according to my opinion, govt. has put the services in negative list to provide the clarity on activities on which there were dispute about whether taxable or not. now after negative list no more dispute.
In exemption govt. has selected those specific services which govt. find that they are taxable as per logical way but is exempted for the time being for the benefit of public, and will keep change the list as per requirement, In last budget few services which were exempted, now no more exempted.
14 June 2013
Any item mentioned in negative list is fully exempted and mega exemption is to be allowed by the govt. The expert is correct and I agree with him
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR 1: Details for showing Exempt Income
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
