"25 March 2015" Archive

Budget 2015- Taxability of Newly Made ‘Taxable Services’

Finance Bill, 2015 vide Clause 107 has proposed certain amendments in the Negative List of services given under Section 66D of the Finance Act thereby removing certain services from the Negative List. Now, in this case, the issue may crop up that the services rendered prior to the date of notification are exigible to Service […]...

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Posted Under: Service Tax |

Hike In Rate Of Service Tax – Open Issues

The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Secondary & Higher Secondary Education cess. Further pursuing with Mr. Narendra Modi’s Dream of Swachh Bharat, a new Chapter VI has been inserted in the Finance Bill, 2015 that contains a [&helli...

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Impact of Service tax changes on Manpower Supply & Security Services

Impact of Change of Service tax liability structure from partial reverse charge to full reverse charge on manpower SUPPLY AND SECURITY services in transition period As discussed Supra, Notification No. 30/2012-ST dated 20-06-2012 has been amended vide Notification No. 7/2015-ST dated 01-03-2015, there by shifting the Supply of Manpower an...

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Service tax Changes effective from date to be Notified after enactment of Finance Bill, 2015

This Article Covers the following Topics- 1. Increase in rate of Service tax 2. Swachh Bharat Cess – Enabling Provision 3. Changes in relation to the Negative List – Section 66D of the Finance Act, 1994 4. Various other Sections under the Finance Act, 1994 5. Service Tax Rules, 1994 amended vide Notification No. 5/2015-ST […]...

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Service Tax Changes Effective from April 1, 2015

Article Covers the following Topics → Exemption widened on Service provided by transport of export goods by road from the place of removal to a land customs station (LCS) vide Notification No. 4/2015-ST dated 1-03-2015 (Effective From 1-04-2015) →  Service Tax Rules, 1994 amended vide Notification No. 5/2015-ST dated 01-03-2015 → C...

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Service Tax Changes Effective from March 1, 2015

In the Union Budget, 2015 presented by the Hon’ble Finance Minister Shri. Arun Jaitley on February 28, 2015, Saturday, numerous changes in Direct and Indirect taxes, have been introduced to address the need of hour, the continued growth to contest the challenges paved in the way of progress. Changes in the Chapter V of the […]...

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Foreign Portfolio Investors-Regulatory and income tax aspects

Since introduction, the FPI regime has been constantly evolving in response to the industry activities and practical intricacies faced by those who venture into this route. To foster effective functioning of this regime, there have also been amendments to the tax laws, foreign exchange laws. ...

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Posted Under: Service Tax |

Decoding Rule 6 of Cenvat Credit Rules, 2004

THUMB RULE to avail CENVAT Credit is that it can be availed on those eligible Inputs, Capital goods or Input Services which have been utilized for providing taxable services or manufacturing dutiable goods except the cases where it is restricted under any notification. ...

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Posted Under: Service Tax |

An Overview to Maharashtra Budget 2015-16

Finance Minister Shri.Sudhir Mungantiwar of BJP government Maharashtra has presented his very first budget on Wednesday, 18’Th March 2015.State government of Maharashtra has presented budget on the lines of the Central government’s Budget. Following are some key highlights of the Budget 2015-16:...

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Posted Under: Service Tax |

Rail Ticket can be booked in 120 days advance from 1st April 2015

Advance Reservation Period for Booking Reserved Train Tickets increased from 60 days to 120 days from 1st April 2015 The Ministry of Railways has decided to increase the Advance Reservation Period (ARP) for booking accommodation in trains from 60 days to 120 days (excluding the date of journey). Accordingly, w.e.f. 1st April 2015 the book...

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Posted Under: Service Tax |

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