Service Tax Exemption To Sez Units Or Developers

Published on Sat, Jul 06,2013 | 17:05, Updated at Sat, Jul 06 at 17:05Source : Moneycontrol.com 

This EY Tax Alert gives an update on the recent Notification No. 12/2013- Service Tax dated 1 July 2013, issued by the Ministry of Finance, in supersession of Notification No. 40/2012-Service Tax dated 20 June 2012. This notification has come into force with effect from 1 July 2013.

The said notification has introduced changes in the policy and procedures for claiming service tax exemption for specified services received by SEZ Units or Developers and used for authorized operations.

The erstwhile Notification No. 40/2012-Service Tax provided ab-initio exemption only when the specified services were 'wholly consumed' for authorised operations within the Special Economic Zone (SEZ).

Now, the ab-initio exemption for services provided to SEZ Unit/ Developer would be available so long as such services are used exclusively for authorised operations of such Unit/ Developer.

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