This ready reckoner is prepared with the aim to present the changes in Punjab Value Added Tax Act, 2005 at one place. Ready reckoner is divided in to different parts containing the general information, tax calendar, Procedure of Registration, Input tax Credit, Works Contract, Refund, Appeal, Assessment, Revision, Entry Tax, Interest, Penalties and other vital information like forms, fees, time limits under the Punjab Value Added Tax Act, 2005.
This appeal is preferred by the revenue challenging the interim order of stay in particular the order directing the appellant to pay 10% of the demand as security while entertaining the appeal. The learned counsel for the respondent submits that in view of the amendment to the CENVAT Credit Rules in 2010 providing for proportionate credit, the order which is challenged in appeal has been recalled by the authorities and therefore, the appeal itself has become infructuous.
Dispelling the confusion about the applicability of Negative list based service tax regime to an extent, a number of Service Tax related notifications have been issued on 20th June, 2012. Vide Notification No. 27/2012 – Service Tax dated:- 20th June, 2012 the Central Government, hereby exempts taxable services provided by any person, for the official use of a foreign diplomatic mission or consular post in India, or for personal use or for the use of the family members of diplomatic agents or career consular officers posted therein from whole of the service tax leviable under section 66B of the said Act w.e.f. 1st July, 2012, subject to the following conditions, namely:-
While releasing the Guidance Paper Hon’ble Finance Minister also announced some new exemptions as follows:(a) Service provided by advocates to other advocates and business entities upto a turnover of Rs. 10 lakh in the preceding financial year.(b) Exemption to firm of advocates on the same lines as individual advocates.(c) Auxiliary educational services and renting of immovable property provided by educational institutions in respect of education exempt from service tax.
