Vide Notification No. 6/2005-ST dated 1.3.2005, a threshold exemption scheme was introduced by Finance Act, 2005 (effective from 1.4.2005) exempting from service tax aggregate value of taxable services not exceeding four lakh rupees received by the service provider during a financial year.
With effect from 1 July, 2012, there are certain services on which 100% service tax needs to be paid by Service Recipient and there is partial reverse charge wherein both service provider and service recipient needs to pay service tax as per defined percentage as mentioned in the table below:-
The description of Import Item No. 7 of SION A – 1691 (export product: Nylon Bicycle Tyres) is amended from ‘Nylon Fabric’ to read as “Relevant Nylon Tyre Cord Fabric”. There is no other change in this SION.
What a week it has been – first the Government infused a bitter pill on the citizens of the country by two non-populist steps in increasing diesel rates by five rupees a litre and substantially enhancing the prices of cooking gas over six cylinders in a year (three for the current year). This was followed by yet another bold decision of allowing foreign direct investment (FDI) in retail and aviation, which is being opposed by most political parties, besides ruling congress’s own allies and members.
A reasonable opportunity should be given to the assessee wherever it is possible to do so. The opportunity referred to is a reasonable opportunity of being heard. There is no other opportunity referred to in the section. The observation in paragraph 3 that the opportunity cannot be said to be obligatory, refers to those cases where it is not possible to give such an opportunity to the assessee.
Thus, in the case before us, in the absence of existence of “any tangible material” to come to the conclusion that there was escapement of income from assessment, the Assessing Officer exceeded his authority to reopen the assessment merely on the basis of a “change of opinion” and accordingly, it is a fit case of quashing the notice.
The Government today notified the cabinet/CCEA decisions on FDI in single brand retail, multi brand retail, civil aviation, broadcasting sector and power exchanges. The decisions were taken in the Cabinet and CCEA meetings on September 14, 2012.
Certain instances of some e-mails with malicious and misleading content purported to be sent from CBI have come to the notice of Central Bureau of Investigation. The Sender(s) falsely claim that Central Bureau of Investigation is monitoring financial transactions of individuals and authenticating/proposing to take action on such transactions.
UK-based telecom giant Vodafone on Thursday said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs. 8,000 crore, is an option provided the interest and penalty are waived
As per extant policy, FDI, up to 100%, under the automatic route, is permitted in the power sector (except atomic energy). This includes generation, transmission and distribution of electricity, as well as power trading, subject to the provisions of the Electricity Act, 2003.
