I. INTRODUCTION
II. EXECUTIVE SUMMARY
III. DETAILED SUGGESTIONS
1. Amendments in Service Tax Rules and Point of Taxation Rules, which are effective from 01 .04.2012
2. Amendments in Statutory provisions which will be effective from the enactment of Finance Bill, 2012.
3. Amendments in Section 65B – Interpretations – effective along with negative list based taxation.
4. Amendments in the Section 66D – Negative List of services – effective along with negative list based taxation.
5. Changes in the Section 66E – Declared services – effective along with negative list based taxation.
6. Changes in the Section 66F – Principles of interpretation – effective along with negative list based taxation.
7. Changes in Service Tax (Determination of Value) Rules, 2006 – effective along with negative list based taxation
8. Services earlier exempted which are now not covered under exemption/negative list
9. Mega Exemption Notification – 12/2012 – ST – effective along with negative list based taxation
10. EST Registration Form
11. EST Return
12. Abatement Notification no.13/2012
13. Notification no.15/2012-ST
14. CENVAT Credit Rules
15. Works Contract (Composition Scheme for Payment of Service Tax Rules, 2007) Scheme
16. Service Tax Audit
OTHER SUGGESTIONS
1. Annual Maintenance Contracts
2. Service Tax on Renting of Immovable Property
3. Works contract service
4. Reimbursable expenditure /common expenses
5. Registration as a service receiver, even for single transaction
6. Revision of returns
7. Issue of show cause notice for recovery of service tax
8. Time limit for adjudication
9. Recording of statement
10. Search of premises
11. Stay by CESTAT
12. Powers under section 14 of the Central Excise Act, 1944
13. Tax Audit Report in service tax
14. Prosecution
15. Interest on delayed payment of tax
16. Disparity between interest payable by assessee and Department under central excise, service tax and customs
17. Chartered Accountancy Professionals in tax policy making body
18. Training of Departmental Personnel
19. De-linking of tax policymaking and tax administration
20. Retrospective amendments
21. Accountability of tax collectors
22. Appeals to High Court
23. Supplies to SEZ
24. Online E-filing of weekly information by major duty paying units
25. Audit Procedures
26. Benefit of Notification No. 108/95 CE and 6/2006 CE
Link to Download Post Budget 2012 memorandum on Indirect Tax by ICAI
