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Budget 2015 introduced in India on 28.02.2015 has made significant changes as far as International taxation are concerned. Major ones include:- Reduction in rate of tax on non-residents for royalties/fees for technical services from 25% to 10%, Offshore funds not to be taxable in India in respect of fund manager located in India.
Ist Full Year Budget of New Government has been introduced in Parliament on 28th February, 2015. This Article intends to outline key amendments made in Service Tax. A. Changes effective from enactment of Finance Bill I. Rate of service tax Present rate: 12.36% (12% + 3% as Education Cess) Revised rate: Consolidated 14% (subsuming Education […]
A lot was expected from the Honorable Finance Minister when he rose to present the budget of the Union for the year 2015-16 on February 28, 2015. Expectations were riding high and it was believed that budget will focus on growth and investments and will provide assistance to common man from inflation, increase in tax slabs was highly expected.
The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they plan well.
Central Excise: Rate- 1. Existing rate of 12% ad valorem will be @12.5% adv. from 01.03.2015 under the head CENVAT (Basic) duty. Levy of Primary Education Ccess and S&H Education Cess @ 2% and 1% respectively on the quantum of Cenvat (Basic) duty will be exempted from 01.03.2015. Other basic excise duty ad valorem with a few exceptions are not being changed.
This article is an attempt to analyse the changes made in section 76 of the Finance Act which concerns with levy of penalty for non-payment or short payment of service tax for reasons other than fraud, collusion, wilful misstatement or suppression of facts with intend to evade payment of duty.
Budget 2015 delivered a staggering blow by hiking the rate of service tax from 12.36% (including Education Cess and SHE Cess) to 14%. Likewise, the rate of excise duty was increased from 12.36% (including Education Cess and SHE Cess) to a consolidated rate of 12.5%.
It is a regular practice of the government to follow tactics that are illusive and misleading. One of the tricks adopted by the government while increasing the rate of service tax is that during the Budget Speech, the Hon’ble Finance Minister announced increase in rate of service tax from 12.36% (inclusive of Education Cess and SHE Cess) to 14% (after exemption from Education Cess and SHE Cess).
The budget 2015 has also bought some additions to the reverse charge list. Altogether 3 services have been added to this list w.e.f. 01/04/2015 by notification no. 7/2015 dt 01/03/2015. These are: 1. Services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company”;
Rules Governing the eForm- eForm GNL-4 is required to be filed pursuant to Rule 10 of the Companies (Registration offices and Fees) Rules, 2014 which are reproduced for your reference. Rule 10: Procedure on receipt of any application or form or document electronically (1)The Registrar shall examine or cause to be examined every application or […]
