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All About Reverse Charge Mechanism On Services Under GST Regime

May 28, 2018 44022 Views 6 comments Print

Concept of Reverse charge mechanism on Services under GST Regime is same as it was under pre-GST regime. For better understanding first I am going to give brief explanation of Normal Charge Mechanism. Generally GST is payable by the provider of Service. For eg:- When service is provided by a Chartered Accountant to its client then in this case service provider i.e Chartered Accountant is liable to pay GST and comply with other general provisions of return filing etc. However in Reverse Charge Mechanism Service Received is made liable to pay GST and comply with other provisions of IGST Act, CGST Act and SGST Act (Hereinafter these 3 acts will be referred as “GST Act”).

Budget 2018 Analysis, Impact on Personal Taxation

February 2, 2018 2673 Views 0 comment Print

Article provides detailed analysis of budget 2018 in relation personal taxation along with that comparison has also been made with budget expectations.

Analysis of Draft Rules Issued by CBDT For Master File & CBCR

October 7, 2017 3813 Views 0 comment Print

In this Article, author has provided his major observations from Draft Rules in respect of Master file, CBCR and Major requirements in Master file as per Draft Rules have been summarized.

All about Service Tax Reverse Charge Mechanism

January 27, 2016 861166 Views 29 comments Print

In Reverse Charge Mechanism Service Receiver is made liable to pay service tax and comply with other provisions of Finance Act, 1994. Further the scope of Reverse Charge Mechanism was extended vide Notification no.-07/2015 and now persons other than service receiver and service providers are also made liable to comply with Finance Act, 1994 provisions.

Place of Supply of Services under GST Regime

December 10, 2015 8180 Views 3 comments Print

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.

Service Tax on Export of Service

December 4, 2015 149976 Views 4 comments Print

Export the goods and not the taxes is the common line that we hear, this statement is also valid in Finance Act, 1994 for export of service. However Rules framed under Finance Act, 1994 have defined the term Export of Service and if the conditions mentioned therein are satisfied only than the benefits are available.

Practical Aspects of Swachh Bharat Cess on Service Provider & Service Receiver

November 18, 2015 23209 Views 0 comment Print

The Finance Act, 2015 has empowered the Central Government to impose Swachh Bharat Cess (SBC) upto 2% on value of taxable service. Recently Central Government vide Notification No.21/2015-Service Tax, dated 6th November, 2015 has imposed SBC at the rate of 0.5% on all the taxable services w.e.f 15th November, 2015.

Practical Aspects of Rule 6 of Central Excise Valuation Rules, 2000 (CEVR, 2000)

June 22, 2015 11122 Views 0 comment Print

In this whole article, I will be discussing about practical aspects of Rule 6 of CEVR, 2000. This Rule comes into play when Price is not the sole consideration. But before talking about Rule 6, I will be discussing with my readers, what is the general provisions.

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