Dr. Sanjiv Agarwal Recently Central Board of Excise & Customs (CBEC) has issued a Circular directing the Department (Central Excise / Service Tax / Customs) to fast track the recovery proceedings in all cases where demand of tax or duty has been confirmed but not stayed, whether or not the assessee has gone into appeal, […]
With our Government’s focus on financial inclusion, introduction of cash for subsidy scheme (CDS) and issuance of unique identify cards based on ‘Aadhaar’, the banking in India is going to witness a sea change this year. The changes will not only be by way of explosion of number of beneficiaries or customers but also in areas of products & services and technology driven services and applications by the banks.
Service providers and professionals are aware that Service Tax is payable @ 12.36 percent on the value to taxable services which implies gross amount charged by the service provider for such service provided or agreed to be provided. However, where the consideration is not in money form, wholly or partly, value means money consideration plus money equivalent of consideration in kind. Also, consideration includes any amount that is payable for the taxable services provided.
The banking practice shall soon change for all of us when the new cheque regime comes into force w.e.f. January 1, 2013. India shall be migrating to new cheque truncation system, popularly called CTS with the objective of making inter-bank transactions and money related transactions faster, cheaper and safer.
Renting has been defined w.e.f. 1.7.2012 in section 65B(41) as allowing, permitting or granting access, entry, occupation, usage or any such facility, wholly or partly, in an immovable property, with or without the transfer of possession or control of the said immovable property and includes letting, leasing, licensing or other similar arrangements in respect of immovable property’.
As the gamut of service tax expands, there is going to be ever increasing need for professionals to advise and assist the assessees. A Chartered accountant and other professionals (Advocates, CS etc.) with proper training and experience is considered to be well equipped to position in the dynamic role as an advisor and facilitator for compliances under the service tax law.
A new book on Service Tax – New Law of Service Tax in India, authored by Dr. Sanjiv Agarwal, a Chartered Accountant and Service Tax expert was released by Mr. Gautam Bhattacharya, IRS, Commissioner of Service Tax, New Delhi at a function at Delhi. This 1600 page book is the latest book on Service Tax updated upto 20th October 2012 and comprehensively deals with nitty grities of or Service Tax law, practice and procedures. The commentary is exhaustive and supported by case laws.
While September is the month for filing Income Tax returns by business entities, in Service Tax, it is October of the year which keeps all services providers busy in filing their Service Tax returns for first six months ,i.e. April to September. The last date is 25th October of the year after which penalty is attracted which may go upto Rs. 20,000.
Once again festive season is on our head. While next three weeks are going to bring in cheers and happiness to all of us, with festive mood and sentiments dominating the activities, such a celebration calls for spending a lot. Spending may not be that easy as we face mounting inflation across the board. High interest costs leading to higher EMIs on loans to be taken for buying consumer durables or a dream car or even a house. It calls for an extra liquidity which will have to be thought of.
While the levy of Service Tax on railway freight was introduced in the year 2006 but could not be enforced due to Railway Ministry being headed by one of the ruling party’s allies in the alliance, the levy of Service Tax on transport of passengers was introduced by Finance Act, 2012 w.e.f. 1st July, 2012 but was held in abeyance due to pressure from the Ministry of Railways for a period upto 30th September, 2012.
