Circular No. 21/2015 Henceforth, appeals/ SLPs shall not be filed in cases where the tax effect does not exceed the monetary limits given hereunder: Before Appellate Tribunal- Rs. 10,00,000/-, Before High Court- Rs. 20,00,000/-, Before Supreme Court- Rs. 25,00,000/-.
The Hon’ble Supreme Court in the case of Nestle India Ltd. held that partial exemption available under exemption notifications does not require assessee to clear the goods by way of sale only because in the notification expression “allowed to be sold”
In the present scenario service tax is levied on service which is governed by Chapter V of Finance Act, 1994. It states that Service tax is consumption based tax and for the purpose of determining the place where service has been consumed Place of Provision of Service Rules, 2012 are to be referred.
A meeting was held on 9th December, 2015 between Indian and Korean delegations headed by Revenue Secretary and Commissioner, National Tax Service, Korea under the Memorandum of Understanding for Mutual Co-operation between the countries. During the meeting, a new Memorandum of Understanding (MoU) on suspension of collection of taxes during pendency of Mutual Agreement Procedure (MAP) was signed.
Availment of Exemptions Under section 93 of Finance Act, 1994, the Government is empowered to exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified description from the whole or any part of the service tax leviable thereon. During the course of this performance audit we […]
Availment/Utilisation of Cenvat Credit A provider of taxable services can, in terms of rule 4 of the Cenvat Credit Rules, 2004 avail credit of excise duty paid on inputs and capital goods and service tax paid on any input service. The credit can be utilised towards payment of service tax subject to the fulfilment of […]
Section 67 of the Finance Act, 1994, envisages that where the provision of service is for a consideration in money, value of taxable service shall be the gross amount charged for such service. During the course of this performance audit we observed 145 cases of non/short-payment of service tax of Rs. 44.74 crore. Out of […]
CA Vinod Kaushik Introduction: This article has been written to give you clarity on the implication of DVAT (3rd Amendment) Bill, 2015 which was introduced in the Delhi Legislative Assembly on 04th day of December 2015 and after discussion on the floor of the house was passed on the same date. The implication of the […]
The Hon’ble Supreme Court in the case of Shree Bhagwati Steel Rolling Mills held that if the charging section of the Act do not provide for levy of interest on late payment of duty then the rules though made thereunder could not be enforced to levy and demand interest as such
a cheque in the electronic form means a cheque drawn in electronic form by using any computer resource and signed in a secure system with digital signature (with or without biometrics signature) and asymmetric crypto system or with electronic signature, as the case may be
