Notification No. 25/2011–Service Tax – Provided that services for which provision is completed on or before 30th day of June, 2011 or where the invoices are issued upto the 30th day of June, 2011, the point of taxation shall, at the option of the taxpayer, be the date on which the payment is received or made as the case may be.”.
Notification No.24/2011 – Service Tax – Determination of value of service in relation to money changing : for the words “reference rate for that currency for that day”, the words “reference rate for that currency at that time” shall be substituted.
Notification No.23/2011 – Service Tax – These rules may be called the Taxation of Services (Provided from Outside India and Received in India) Amendment Rules, 2011. (2) They shall come into force on the 1st day of April, 2011. 2. In the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, in rule 3, in clause (ii), in the second proviso, the brackets and letters “(zzh)” shall be omitted.
Notification No. 22/2011 – Service Tax – the Central Government hereby makes the following rules further to amend the Export of Services Rules, 2005, namely :- 1. (1) These rules may be called the Export of Services (Second Amendment) Rules, 2011. (2) They shall come into force on the 1st day of April, 2011. 2. In the Export of Services Rules, 2005, in rule 3, in sub-rule (1), in clause (ii), in the second proviso, the brackets and letters “(zzh)” shall be omitted.
Notification No.21/2011-Service Tax – Following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.09/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section(i), vide number G.S.R. 153 (E), dated the 27th February, 2010, namely:- In para 3 of the said notification in, for the word ‘April’, the word ‘July’, shall be substituted.
Notification No.20/2011-Service Tax- Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.08/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section(i), vide number G.S.R. 152 (E), dated the 27th February, 2010, namely:- In para 2 of the said notification in, for the word ‘April’, the word ‘July’, shall be substituted.
Notification No 07/2010-Service Tax, dated the 27th February, 2010 : Rescinds Notification No. 33/2009-S.T dated 01.09.2009[which actually exempts transport of goods by rail and if this exemption is withdrawn, the service becomes taxable]. This notification was effective from 01.04.2011. Now it is made effective from 1st July 2011. Notification No.19/2011-Service Tax –
Vodafone, the world’s largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship. Vodafone, which has faced a host of problems since entering the fiercely competitive market in 2007, will take over Essar’s 33 per cent of the Vodafone Essar Limited company, giving it direct ownership of 75 per cent of the Indian operator.
Making payments through cheques may become a costlier affair from tomorrow, as RBI has allowed banks to levy higher service charges for their clearing, especially of high-value and outstation cheques. As per a RBI circular coming into effect from April 1, 2011, banks would be free to fix service charges on speed clearing of cheques of value above Rs 1 lakh.
Market regulator Sebi today constituted a 16-member committee which will suggest a roadmap for developing corporate bond market in the country. The ‘Corporate Bonds & Securitisation Advisory Committee’ would be chaired by R H Patil, the Chairman of Clearing Corporation of India Ltd (CCIL), Sebi said in a statement.
