In the first week of February 2015, vide the Notification No. 02/2016-ST dated 02 February 2016 (hereinafter referred to as ‘the recent Notification’), the Central Government has specifically allowed refund of Swatch Bharat Cess (hereinafter referred to as ‘SBC’) paid on specified services on which ab-initio exemption is admissible and not claimed.
The Export of service Rules, 2005 were notified with effect from 15-03-2005 to determine whether a provision of service will be regarded as export of service. Like export of goods, service can also be exported without payment of duty/tax.
Section 135 of the Companies Act, 2013 and Rules made thereunder prescribe that every company having a net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more or a net profit of Rs 5 crore or more during any financial year shall ensure that the company spends, in every financial year at least 2 % of the average net profits made during the three immediately preceding financial years in pursuance of its Corporate Social Responsibility Policy.
Currently, there is lot of confusion among the industry, trade and the taxmen on whether the activity of Renting of movable goods or supply of tangible goods attracts Service Tax or whether it attracts Sales Tax. The confusion has only been used as a tool by the departmental officials in issuing demand notices under both the tax laws and therefore a tug of war.
Through this article we would like to bring to the kind attention of all my professional friends about a small change made by Government at the time of announcement of Financial Budget (No. 2) 2014, which went unnoted by my friends and various companies, of which include listed companies as well.
The meaning of the term ‘service’ is very important from the point of view of both assessee as well as department. This is the first place of reference in case any dispute comes up; this is the basis of taxability of any activity.
F. NO. 500/56/2014-FT &TR-IV/354 The undersigned is directed to state that large number of requests for Exchange of Information (EOI) in time barring assessments/matters are received in FT &TR Division just before the time barring date.
NOTIFICATION NO 22/2016-Customs,(N.T.) Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 110/2015-Customs (N.T.), dated the 16th November, 2015 published vide number G.S.R. 861 (E), dated the 16th November, 2015, namely:-
Notification No. 21/2016-Customs (N.T.) Central Board of Excise and Customs hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.35/2007-CUSTOMS (N.T.), dated the 26th April, 2007, published in Part II, Section 3, Sub-section (ii) of the Gazette of India, Extraordinary vide number S.O.665(E), dated the 26th April, 2007, namely:-
Notification No. 20/2016-Customs (N.T.) Central Board of Excise and Customs hereby appoints the Additional Director General(Adjudication), Directorate of Revenue Intelligence, Mumbai to act as a Common Adjudicating Authority to exercise the powers and discharge the duties conferred or imposed on the adjudicating authorities mentioned in column (3) of the Table below in respect of the cases mentioned in column (2) of the said Table, namely:-
