Which service is included in the negative list?

SECTORS IDENTIFIED FOR NEGATIVE LIST:

• Services rendered by specified persons;
• Services rendered by Social welfare and public utilities;
• Services rendered by Agriculture & animal husbandry;
• Services rendered by Financial Sector;
• Services rendered by Transport;
• Services rendered by Construction and real estate;

What is the negative list in GST?

The following items are on the negative list under GST: Services by an employee to the employer in the course/ relation to employment. Services of funeral, burial, crematorium or mortuary. Sale of land.

What is the exemption limit for service tax?

Rs.10 lakhs
Even if a service provider providers services from multiple premises, service tax exemption is available, provided the aggregate value does not exceed Rs. 10 lakhs in a financial year.

What is meant by 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. This term was first introduced in the Shanghai FTZ in 2013 and has been updated twice so far.

What is negative list in SBI?

Negative listing (where credit granters list defaulting payers) Closed user groups where subscribing credit institutions provide full details of their client’s payment profile at periodical intervals (i.e., positive and negative data).

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.

What are the activities specified as negative list according to schedule?

Services like metered taxis, auto rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and electricity transmission or distribution by discoms have been kept in the negative list.

What is negative list in business?

“negative list” approach in which the terms of the treaty apply to all sectors except those. expressly listed as exclusions. This means that investments by foreign entities are treated the same as investments by domestic entities, except for a few sectors specifically excluded from the terms of the treaty.

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 in banking?

The negative list entry covers any such service wherein moneys due are allowed to be used or retained on payment of interest or on a discount. The words used are ‘deposits, loans or advances and have to be taken in the generic sense.

Which article provides information about negative list?

However, two important sections which have been introduced defining the new service tax code are Section 65B which provides for a whole new set of definitions in context of taxable services under the head “Interpretations” and Section 66D which states the “Negative list of service”.

What are the activities not to be treated as supply of goods or services?

Activities or Transactions which shall be treated neither as a Supply of Goods nor a Supply of Services

• Services by an employee to the employer in the course of or in relation to his employment.
• Services by any court or Tribunal established under any law for the time being in force.

What does the negative list in investment agreement mean?

In FTAs and investment agreements, contracting parties may set out in the “negative list” restrictive measures for specific services trade sectors that are inconsistent with the obligation of national treatment, most-favoured treatment, etc.. Measures listed in the “negative list” are “restrictive measures”.

What services are GST free?

Main GST-free products and services

• most basic food.
• some education courses, course materials and related excursions or field trips.
• some medical, health and care services.
• some menstrual products.
• some medical aids and appliances.
• some medicines.
• some childcare services.
• some religious services and charitable activities.

What is RBI negative list?

What is 66D exemption?

Under Section 66D of the Finance Act 1994, a negative list of services have been outlined, which are deemed to be exempt from service tax. Any service provided that does not come under the purview of this list is liable to be levied with service tax.

On which services GST is not applicable?

All the services related to agriculture including harvesting, cultivation, supply, packaging, warehouse, renting or leasing of machinery, etc. are exempted from GST.

Which is not a supply of service?

All the services related to funeral, burial, crematorium or mortuary including transportation of the deceased. Sale of land and, sale of building provided that the sale is made only after the completion of construction of such building. Actionable claims, other than lottery, betting and gambling.