- One person company ( OPC) whose aggregate value of services provided is up to Rs. 50 Lakhs can get benefit of quarterly payment of service ax and payment of service tax on receipt basis. So relaxation to individuals and partnership firms are available to OPC too.
- The service tax rate under composition scheme for single premium annuity policies is being rationalized at the rate of 1.4% of the total premium charged.
- Service tax above certain threshold will also be required to file an annual return.