Attention! All graduates and aspiring finance professionals; fasten your seat belts as GST unlocks a whole new world of opportunities; but are you prepared to grab it and excel your career?
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GST Professionals take pride in releasing its latest May’ 2017 edition of GST Book titled – Simplified Approach to GST – A Ready Referencer authored by CA Raman Singla covering the latest GST laws and simplistic presentation of GST Acts and Rules.
GST Constitutional (101st Amendment) Act’ 2016 contains the provisions which are necessary for the implementation of GST Regime. The present amendments would subsume a number of indirect taxes presently being levied by Central and State Governments into GST thereby doing away the cascading of taxes and providing a common national market for Goods and Services.
The Empowered committee of State Finance Ministers has today released the much awaited model GST law June, 2016 for public debate. The new law has two Acts:-1. Goods and Services Tax Act’ 2016 2. Integrated Goods and Services Tax Act’ 2016
The enabling provisions for KRISHI KALYAN CESS (KKC) are contained in Chapter – VI of Finance Act’ 2016. As per the provisions, KKC shall be applicable at 0.5% on all taxable services and the proceeds of KKC would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. The Cess […]
In this article, we have herein below summarized the amendments made by notifications in service tax law. Cenvat credit on Input Services has now been allowed for the services of transportation of goods by Rail (Other than transport of goods in containers by rail by any person other than Indian Railways). (There is an abatement of 70% for transportation of goods and passengers by rail, still the government allowed the cenvat credit on Input Services.) – S. No 2 of Notification.
There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services @ 0.5% on the Value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
In the definition of the term Service, sub-clause (ii)(a) of Explanation 2 is proposed to be amended to clarify that activity carried out by a lottery distributor or selling agents of the State Government under the provisions of the Lotteries (Regulation) Act, 1998, is leviable to service tax.
What would be the effective rate of tax in case of Partially exempted services i.e. abatement scheme under notification 26/2012? In this respect it is mentioned that the abatement scheme does not alter the value of taxable service but only alters the rate of service tax. Thus, in case of GTA services, wherein the abatement is 70%, for a service of Rs. 100, the service tax is to be payable at 4.2%.
