WE HAVE 70000 SFT OF WAREHOUSE AND IT IS LEASED OUT TO SEED MANUFACTURING COMPANY TO STORE THEIR AGRICULTURAL SEEDS. I HEARD THERE IS AN EXEMPTION FOR AGRICULTURAL PRODUCTS STORAGE. CAN WE GET FOR AN EXEMPTION FOR THE SAME.
PLEASE ADVICE
DVK RAJU
CONTACT: 9948022333
Sir,
Section 66D (service tax) of Finance Act 994, specifies services which are non taxable (Negative List). Relevant services is as follows:-
(d) Services relating to agriculture or agricultural produce by way of -
(v) Loading, unloading, packing, storage or warehousing of agricultural produce.
Base on your brief fact, in our view Service Tax will not be applicable. But study of detailed fact & circumstances your case need to done to give proper advice.
CAclubindia
