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Introduction “Audit” – One of the most dreaded consequence of getting registered with the service tax department. Nobody wants to get strangled in the vicious circles of departmental audit and yet, sooner or later, you have to face the dungeon of audit. Times and now, questions have been raised on the qualifications and eligibility of … Read more
Dear All, Whether service tax shall be leviable on sale of under construction flats? Recently, Delhi High Court has passed a judgement confirming that service tax shall not be levied on sale of under construction flat. With respect to same, we have summarised the case as under: 1. Background 1.1. Suresh Kumar Bansal (Buyer) had … Read more
1. A new cess called as “Krishi Kalyan Cess” is to be levied @ 0.5% on the value of taxable services. This cess is in addition to any cess or service tax leviable on taxable services. 2. The effective rate of service tax and cess w.e.f. 01.06.2016 would now be 15% on value of taxable … Read more
Introduction:- Although, with the government resorting to implement unified taxation regime GST in near future, it was hoped that the number of returns to be filed by an assessee would reduce substantially and this has been done in case of Central Excise Assessees which is highly appreciated by the trade and industry. However, at the … Read more
Introduction:- With the forthcoming budget 2016-17 there were lot of hopes and expectations of the automobile industry that they will be encouraged by way of various tax incentives but the budget came as a curse to them. All the hopes went in vain as soon as the Finance minister announced levy of Infrastructure cess on … Read more
Introduction:- Budget 2016 has been introduced and it has bought some major changes in the Cenvat credit scheme by amending the Cenvat Credit rules, 2004. One such change has been introduced in the rule 7 which relates to the input service distributer. With a view to improve credit flows between different manufacturing / service locations, … Read more
Introduction:- Budget, 2016 has come up with some new provisions and concepts in the Central Excise Law. One such provision has been introduced in the name of rule 7B of Central Excise Rules, 2004 which has been framed on the same lines of input service distributor. This little article is about this new concept in … Read more
In Budget 2016, the Finance Minister proposed certain changes to the existing negative list i.e. a list of such services which are exempt from service tax. Let us look at these proposals in brief. As per Section 66D(l), services by way of : (i) pre-school education and education up to higher secondary school or equivalent; … Read more
Input Tax Credit under Service Tax is allowed as per Cenvat Credit Rules, 2004 (CCR, 2004). Service tax credit rules have been drawn from CCR replacing the previous Cenvat Credit Rules, 2002 and Service Tax Credit Rules, 2002. This discussion deals with provisions applicable only to service provider. Some important definitions Capital goods As per … Read more
Introduction:- Since the announcement of the exemption being granted to the levy of Education Cess and SHE Cess by the Finance Minister in Budget 2015-16, the issue as regards the utilisation of the accumulated balance of Education Cess and SHE Cess has been a sensational issue and a topic for discussion among the assessees and … Read more