Service Tax News, Articles, Notifications and Forms

  • May
  • 23
  • 2015

Resident Firm Eligible for Advance Ruling

Added In Service Tax
Dr. Sanjiv Agarwal ‘Resident firm’ can be Applicant (w.e.f. 1.3.2015) Vide Notification No. 9/2015-ST dated 1.3.2015, the facility of advance ruling has been extended to all resident firms w.e.f. 1.3.2015 by specifying the ‘resident firms’ under section 96A (b) (iii) of the Finance Act, 1994. For this purpose, ‘resident’ and ‘firm’ have also been defined […]

Read the Full Article

  • 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
  • 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

  • May
  • 21
  • 2015

Analysis of Service tax rate increase from 12.36% to 14%

Added In Service Tax
Analysis of Service tax rate increase from 12.36% to 14% (Subsuming EC and SHEC) effective from 01.06.2015 After the Hon’ble President has given assent to the Finance Bill, 2015 on May 14, 2015, the Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified increase in the rate of […]

Read the Full Article

  • May
  • 21
  • 2015

CBEC Press release regarding increase in Service Tax

Added In Service Tax
In the Union Budget, 2015, an increase in the rate of Service Tax from 12% to 14% had been proposed from a date to be notified. The Finance Bill, 2015 has since been enacted and the Central Government has notified 1st June, 2015 as the date from which the rate of 14% would become applicable. The provisions levying Education Cess and Secondary and Higher Education Cess would also cease to have effect from same date i.e. 1st June, 2015

Read the Full Article

  • May
  • 20
  • 2015

Pro-founding Impact of change in effective rate of SERVICE TAX

Added In Service Tax
Before proceeding onto the areas wherein the change in rate of service tax will have its effect, let us have a brief on the Finance Bill 2015 which proposed for the said changes in regards to the subject matter. Clause 106 of the Finance Bill, 2015 and paragraph 3 of JS (TRU-II)D.O.F.No.334/5/2015-TRU, New Delhi, May […]

Read the Full Article

  • May
  • 20
  • 2015

Service tax rate increased from 12.36% to 14% (Subsuming EC and SHEC) effective from 01.06.2015 & Other changes

Added In Service Tax
After the Hon’ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015, the Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified increase in the rate of Service tax from 12.36% to flat 14% (Subsuming Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015.

Read the Full Article

  • May
  • 20
  • 2015

Service Tax Changes wef 01.06.2015 after enactment of Finance Act, 2015

Added In Service Tax
The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. In the Budget, 2015, certain amendments in the Finance Act, 1994 have been incorporated through the Finance Act, 2015, which will come into effect from a date to be notified. In this regard, 1st June, 2015 is being notified as the date on which the provisions as specified in paragraph 2 below will come into effect. Certain provisions in some notifications already issued, will also come into effect from 1st June, 2015.

Read the Full Article

  • May
  • 20
  • 2015

Service Tax rate wef 01.06.2015 on Air Travel, Life Insurance, Money Changing & Lotteries Services

Added In Service Tax
In respect of certain services like money changing service, service provided by air travel agent, insurance service and service provided by lottery distributor and selling agent, the service provider has been allowed to pay service tax at an alternative rate subject to the conditions as prescribed under rules 6(7), 6(7A), 6(7B) and 6(7C) of the Service Tax Rules, 1994. Consequent to the upward revision in Service Tax rate, the said alternative rates shall also be revised proportionately.

Read the Full Article