Service tax extended to life insurance, cable operators
Corporates providing services similar to NBFCs,too, in the net
Claiming that the justification of taxing more services does not require any elaboration, Union Finance Minister Yashwant Sinha has proposed to extend the service tax to the following services:
Life insurance, including insurance auxiliary services relating to life insurance;inland cargo handling; storage and warehousing services (except for agriculture produce and cold storages); event management; rail travel agents; health clubs & fitness centres;beauty parlours; fashion designers;cable operators; and dry cleaning services.
Presenting the Union Budget 2002-03 in parliament today, Sinha, noting that service tax is applicable to specified services provided by banks and non-banking financial companies, proposed to extend the service tax to corporate bodies that provide similar services.
129. The tax on these services shall come into force from a notified date.
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