Service tax notifications26 Mar 2015
Changes in Reverse Charge Mechanism Vide Notification No. 7/2015 - ST - Dated 01/03/2015
New Entrants under Reverse Charge:
a) Mutual Fund/ Asset Management Company needs to pay Service tax under Reverse Charge on services received from mutual fund agent/ distributor.
b) Lottery Distributor or Selling Agent needs to pay Service tax under Reverse Charge on services received from selling or marketing agents of lottery tickets
For the above services Service Reciever shall pay 100 % of the Service tax payable.
Changes in Rate of Reverse Charge:
Manpower Supply and Security services provided by an individual, HUF, partnership firm or association of persons to a business entity registered as body corporate have been brought under Full Reverse Charge as against Partial Reverse Charge mechanism.