• May
  • 23
  • 2015

Reverse charge mechanism on Supply of Manpower Vis-à-vis Recruitment of Manpower

Added In Service Tax
Further recruitment of manpower is not the Supply of manpower, recruitment is altogether different from supply of manpower. On the basis of above information it can be assumed that only supply of manpower is covered under RCM and no reference regarding recruitment of manpower services is made for purposes of RCM.

Read the Full Article

  • May
  • 23
  • 2015

Change in Rate of Service Tax- Adverse Impact of Rule 7 of Point of Taxation Rules, 2011 on recipient of service

Added In Income Tax
Sandeep Kumar Singh Introduction: The Finance Bill, 2015 has received the assent from Hon’ble President of India on 14.05.2015. The proposed increase in the rate of service tax from 12.36% to 14 % has also been notified vide notification no. 14/2015-S.T. dated 19.05.2015. The increased rate will be effective from 01.06.2015.

Read the Full Article

  • May
  • 23
  • 2015

TDS on withdrawal from PF wef 1st June 2015

Added In Income Tax
The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The Provision Shall Take effect from 01st June 2015. Income Tax should be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or equal to Rs. 30,000/-, with service than 5 years:-

Read the Full Article

  • May
  • 23
  • 2015

ISA Assessment Test (DISA) Registration started for June 2015 Exam

Added In CA CS ICWA
All those who are gearing up for ISA Assessment Test (DISA), registrations for the Assessment Test to be held in June 2015 have started. Registrations for online applications started on 21st May 2015 at 10:00 AM and shall remain active till 4th June 2015 till 5:30 PM. Fees to be paid online is INR 1,100/-.

Read the Full Article

  • May
  • 23
  • 2015

Prevent artificial avoidance of permanent establishment status

Added In Income Tax
ACTION 7 – Prevent the Artificial Avoidance of PE Status Develop changes to the definition of PE to prevent the artificial avoidance of PE status in relation to BEPS, including through the use of commissionnaire arrangements and the specific activity exemptions. Work on these issues will also address related profit attribution issues.

Read the Full Article

  • May
  • 23
  • 2015

Key Features of GST as on date

Added In GST
India has adopted a dual GST system because of federal nature of our constitution where both centre and states will have the power to levy taxes on the sale of goods and services. GST is similar to VAT and can be termed as National level VAT on goods, with one difference, in GST not only goods but services are also included and rate of tax on both goods as well as services will be the same.

Read the Full Article

  • May
  • 22
  • 2015

Definitive anti-dumping duty on imports of USB Flash Drives

Added In Custom Duty
Notification No. 22/2015-Customs (ADD) Dated- 22nd May, 2015-Seeks to levy definitive anti-dumping duty on imports of USB Flash Drives’, originating in, or exported from, People’s Republic of China and Chinese Taipei for a period of five years.

Read the Full Article

  • May
  • 22
  • 2015

Definitive anti-dumping duty on imports of Pentaerythritol

Added In Custom Duty
Notification No. 20/2015-Customs (ADD) Dated- 22nd May, 2015– Seeks to levy definitive anti-dumping duty on imports of Pentaerythritol’ , originating in, or exported from,Russia for a period of five years. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 20/2015-Customs (ADD) New Delhi, the 22nd May, 2015 G.S.R.    (E). –Whereas,  in the matter […]

Read the Full Article

  • May
  • 22
  • 2015

Change in Service Tax Rate — Section 67A vs Rule 4 of Point of Taxation Rules

Added In Service Tax
CA Manindar Kakarla Introduction: Finance Bill, 2015 has proposed to increase the service tax rate to 14% by amending Section 66B. The said bill has received President’s assent on 14/05/2015. The increased rate is going to be effective from 01.06.2015. As there is a change in rate of tax, the applicability of new service tax […]

Read the Full Article

  • May
  • 22
  • 2015

Taxability of newly taxable services from June 1, 2015

Added In Service Tax
 CA Bimal Jain The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified that the following changes in relation to the Negative List of services contained under Section 66D of the Finance Act, 1994 (“the Finance Act”) shall be effective from June 1, 2015: ♠ Section 66D(f): Services […]

Read the Full Article