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April 2014

Exemption w.r.t. rice

By Tarun Ghia, Pratik Mehta, Brijesh Cholera Chartered Accountants
Reading Time 1 mins
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Notification No. 04/2014-ST read with Circular No.177/03/2014 – ST dated 17th February, 2014

This Notification has been issued by CBEC for implementing the changes proposed in the Interim Budget presented by the Finance Minister.

The Notification amends Mega Exemption Notification No. 25/2012-ST to provide that service tax would not be payable on rice from the staple’s loading to the storage stage. It may be noted that rice was originally exempt from service tax. However, later, the Finance Ministry had taken a view that only paddy is an agricultural produce, while rice is a processed item.

This notification also exempts services provided by cord blood banks by way of preservation of stem cells or any other service in relation to such preservation.

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