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April 2015

Changes in Abatement Notification No. 26/2012- ST

By Tarun Ghia, Pratik Mehta, Brijesh Cholera Chartered Accountants
Reading Time 1 mins
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Notification No. 8/2015-Service Tax- dated 01 03 2015

A uniform abatement of 70% has been prescribed for transport by rail, road and vessel. Service tax shall be payable on 30% of the value of such service subject to a uniform condition of non-availment of Cenvat credit on Inputs, Capital goods and Input services.

The abatement for classes other than economy class (i.e. business/ first class) has been reduced from 60% to 40%. Accordingly, Service tax would be payable on 60% of the value of such higher classes.

Abatement for the services provided in relation to Chit fund stands withdrawn.

This changes in abatement shall come in to effect from 1st April, 2015

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