"07 November 2015" Archive

Swachh Bharth Cess- Is it on Taxable Value or on Abated Value?

Swach Bharath Cess (SBC) to be levied @ 2% on all or any taxable services on the VALUE of such services as per S-119 of the Finance Act 2015 w.e.f 15th Nov 2015 as per Notification No.21 dated 6th Nov 2015. However Notification No.22/2015 Dated 6th Nov 2015 of service Tax exempts Swach Bharat Cess in excess of 0.50% of the value of taxabl...

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Posted Under: Service Tax |

Proposed GST and Its Impact on Rollout

In India, GST will be levied by both tiers of Government concurrently. It will be ‘Dual Concurrent Model’ of GST. Central GST will be administered by the Central Government and State GST by respective State Governments. At present, Centre can levy tax on goods and services (e.g., excise duty on goods manufactured, service tax on servi...

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Posted Under: Service Tax |

Inter State Transactions Under Proposed GST

How will Inter State Transactions be affected with the advent of GST? This is the basic question which is hovering over common man’s mindset these days. Will the situation be favourable or more adverse? Whether Rate to be increased/ decreased? Who will levy the tax- Centre or State? Will State’s Revenues be reduced????? This article [...

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Posted Under: Service Tax |

ITAT doubts exemption U/s. 54EC allowed by Bombay HC in Ace Builder against short-term capital gains computed u/s 50

ITO Vs Legal Heir of Shri Durgaprasad Agnihotri (ITAT Mumbai)

Correctness of law laid down by Bombay High Court in Ace Builder 281 ITR 210 that deduction u/s 54EC is available to short-term capital gains computed u/s 50 doubted by ITAT Mumbai in the case of ITO Vs Legal Heir of Shri Durgaprasad Agnihotri although it has followed the Judgment of Bombay High Court as required to maintain judicial di...

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FROM ‘BARTER’ TO ‘BITCOINS’-An exciting journey in the world of currencies!

Recently, I was invited to a live debate in one of the Tamil Television channels on a statement reportedly made by CA Sri S.Gurumurthy, a great economic thinker, an eminent columnist and strategy adviser to several leading business houses in the country. He, in his speech at VIT on the Indian budget had opined, among other things, that if...

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Posted Under: Service Tax |

Draft Interpretation on Foreign Currency Transactions and Advance Consideration

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of St...

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Posted Under: Service Tax |

Physical Submission of Statement of submission and Acknowledgement of Audit Report in Form 704 for F.Y. 2014-15

Trade Circular No. 17 T of 2015 07/11/2015

The last date for submission of audit report u/s 61 of the MVAT Act 2002, for the period 2014­15 is 15th January 2016. After uploading their audit reports for the period 2014-15, the dealers shall submit the following documents...

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Swachh Bharat Cess @ 0.5% on value of all taxable services levied from November 15, 2015

Pursuing with Mr. Narendra Modi’s Dream of Swachh Bharat, in Union Budget 2015, a provision was made for levying a Swachh Bharat Cess on all or any of the services, for the purposes of financing and promoting Swachh Bharat initiatives or for any other purpose relating thereto. However, the SB Cess was to be levied from such date as may...

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Service Tax Rate Chart effective from 15th November 2015

Central Government has vide No. Notification No. 21/2015-ST dated November 6, 2015 has notified that Swachh Bharat Cess (SBC) is applicable on all taxable services from 15.11.2015 this has increased the service tax rate to 14.50% and has also resulted in Changes in Service Tax Rates from 15.11.2015 on Various Services which are under abat...

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Posted Under: Service Tax |

Writ Petition In Madras High Court Against ICAI Elections

Two Writ petitions (one against those SIRC members seeking elections to Central Council and another against those SIRC members seeking re-election to SIRC) have been filed by a Chennai based senior Chartered Accountant Mr P S Prabhakar, with a prayer that the validity of the nominations of such members, all of whom are collectively respon...

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Posted Under: Service Tax |

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