The Central Board of Indirect Taxes and Customs has Notified 1st January 2020 as the day in which the a number of provisions in the Finance Act 2012 shall come into force, Vide notification issued on the same day.
The following are the major sections under the finance Act which shall come into force:
- Section 93- Power to grant exemption from service tax
- Section 94- Power to make rules by the Central Government
- Section 95- Power to remove difficulties in implementing new services
- Section 96- Consequential amendment
- Section 98- Special provision for exemption in certain cases relating to management, etc., of non-commercial Government buildings
- Section 99- Special provision for taxable services provided by Indian Railways
- Section 101- Special provision for exemption in certain cases relating to construction of canal, dam, etc.
- Section 102- Special provision for exemption in certain cases relating to construction of Government buildings.
- Section 111 and 112 shall also come into force on the same day.
Click here to read the Notification.
