Individual assessees were required to file their income tax returns on or before 31st July, 2014. While most of the assessees would have filed the return, yet there may be many who could not file their returns by the due date for any reason – being on vacation, on official tour, for want of preparedness or even as a habit.
To broaden the tax base, negative list and exemptions have been pruned to the extent possible. The negative list has been reviewed and Service Tax currently leviable on sale of space or time for advertisements in broadcast media has been extended to cover such sales on other segments like online and mobile advertising (except in print media).
Union Budget 2014 brings a mixed bag of some relief and some hard times for service tax assessees. The changes are aimed at widening the tax base as also enhance the compliance levels. The emphasis has been on ensuring stability and continuity in the light of proposed goods and service tax, which will replace most of the indirect taxes (service tax, VAT, excise etc) by next fiscal.
Revised Rate of Interest w.e.f. 1.10.2014-Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable. Accordingly, the rate of interest shall be as under :
While it could be said that the Union Budget 2014-15, the first of the present Government may be considered as a balanced exercise in the given circumstances, it provides impetus to real estate, infrastructure and social development including improved urban cities.
Dr. Sanjiv Agarwal The nature of taxable services at the service provider’s end decides the classification of taxable services by the service provider as per the provisions of section 65A of the Finance Act, 1994. Based on such classification, service provider obtains the service tax registration, pays service tax and files service tax return. The […]
Under Entry No. 19Aof Exemption Notification No. 25/2012-ST dated 20.06.2012, Air Conditioned or Air-heated Canteen maintained in a Factory are exempt from Service Tax w.e.f. 22.10.2013.
ollowing services in relation to hiring of transport of vehicles is exempt from levy of Service Tax – Services by way of giving on hire -(a) to a State transport undertaking, a motor vehicle meant to carry more than twelve passengers; or
The full Budget of 2014-15 is going to be the first official opportunity to implement the economic agenda where in Government will have to do a fine but difficult task of managing the conflicting needs of variety of stakeholders – business & industry, trade, commerce, exporters, banks, investors, agriculturists, house-holds, society and politics as well.
Dr. Sanjiv Agarwal Now that we have a duly elected majority Government at the centre (and in the state too), it’s time for action and real performance now. All states and particularly those with same party Government as that of centre may certainly help the State Governments to get benefit from the central policies and […]
