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Archive: 19 May 2016

Posts in 19 May 2016

Tribunal's decisions binding on lower authorities

May 19, 2016 5896 Views 0 comment Print

It was held that the Tribunal’s decisions are binding on the lower authorities and cannot be ignored on the sole ground that the Revenue may prefer to file appeal against the same before the higher authorities until and unless the same is set aside by a higher forum.

Exports to SEZ should be included for Refund of Service Tax

May 19, 2016 2971 Views 0 comment Print

It was held that when the revenue proceeded to include the value of SEZ exports in computing the total turnover, the same should also have been included in computing export turnover and accordingly the value of export turnover should be equal to the total turnover and the value of SEZ exports should be included in the export turnover (numerator).

Penalty on Firms than No separate penalty on partners

May 19, 2016 3481 Views 0 comment Print

Once partnership firm penalized, separate penalty not imposable upon partner of the firm because the partner is not a separate legal entity as there is no difference between the partner and the partnership firm.

Appointment/extension of tenure of SPPs handling CBEC cases Reg

May 19, 2016 1375 Views 0 comment Print

The Board vide Instruction dated 29.2.2016 (copy available on CBEC Website) has prescribed the procedure for selection of Special Public Prosecutors (SPPs) for handling CBEC cases before the Subordinate Courts/Courts of Session and High Court. Para ‘2’ of the said Instruction dated 29.02.2016, inter alia, provides times lines for processing and forwarding the proposal to Board.

India & Slovenia signed Protocol amending DTAA Convention

May 19, 2016 742 Views 0 comment Print

India and Slovenia have signed a Protocol amending the existing Convention and Protocol between the two countries for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income on 17th May, 2016 in Ljubljana.

How To Live Happily Within Means

May 19, 2016 4177 Views 1 comment Print

In the modern world, the pulls and pressures are more for spending whatever one earns. The consumerism and materialism are the main culprits behind this pathetic situation. Even if an individual attempts to rein in the expenditure within the limit of his/her income, the lifestyle of the people in the surroundings would tempt and induce towards wasteful and extravagant expenses.

Various aspects of Offshore Derivative Instruments (ODIs)

May 19, 2016 1042 Views 0 comment Print

The Board took note of the measures taken by SEBI for tightening the eligibility and investment norms for ODI issuers and subscribers for the past few years. SEBI vide circular dated January 17, 2011 introduced comprehensive reporting framework for ODI issuers,

Service Tax Abatement Rate Chart from 1st June 2016

May 19, 2016 162451 Views 12 comments Print

Vide Union Budget 2016 government has made several changes to Service Tax Abatement Provisions and Abatement rates. Some of the changes were applicable from 01.04.2016 and some were applicable from 01.06.2016. in this Article we have compiled the abatement rate on Table Services, Taxable Value and Tax Rate after applying the abatement as applicable from 01.06.2016

Full /Partial Reverse Mechanism Service Tax Chart wef 01.06.2016

May 19, 2016 123733 Views 8 comments Print

Reverse and Partial Reverse Mechanism Rate Chart with effect from 01.06.2016 and The extent of service tax payable thereon by the person who provides the service and any other person liable for paying service tax for the taxable services. List been compiled after considering Amendments made by Budget 2016, Swachh Bharat & Krishi Kalyan Cess

Budget 2016: New Issues in Service Tax, Excise, Customs Duty

May 19, 2016 10243 Views 1 comment Print

We are summarising herewith broader changes in the arena of Indirect Taxes, majorly Service tax coupled with analyses of the two sides of the Union Budget, 2016 along with highlighting some of the key areas requiring immediate attention of the Board:

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