The capital goods which are used by the manufacturer or the service provider and which do not fall within the ambit of definition of input in rule 2(k) are to be treated as inputs and are entitled for the Cenvat credit.
Audit under service tax is covered by section 14AA of Central Excise Act, 1944 as applicable to service tax and section 72A inserted by the Finance Act, 2012 w.e.f. 28-5-2012. The Central Board of Excise and Customs (CBEC) has issued guidelines for audit of accounts of Service Tax assessees.
Literally, ‘bundle’ means a collection of things, or a quantity of material, tied or wrapped together; tie up or roll up a number of things together as though into a parcel. The word ‘bundle’ has been used for the first time in the Service Tax and it has been interchangeably used with the expression ‘specified descriptions of services’. What is meant by specified descriptions of services has not been defined or explained in the Act.
The elections are over and the results out. Delhi and Rajasthan will have new Governments i.e., change of political parties governing the state. Rajasthan is going to have a full majority BJP led Government now in power for full term of five years.
Reverse Charge Mechanism – Normally, service tax is payable by person who provides the service. Section 68(2) makes provision for reverse charge i.e. making person receiving the service liable to pay tax. Authority for reverse charge u/s 68(2) of Finance Act, 1994
According to Rule 5 of Service Tax Rules, 1994, records include computerized data and means the record as maintained by an assessee in accordance with the various laws in force from time to time. Records maintained as such shall be acceptable to Central Excise Officer.
A service is taxable only when, inter alia, it is provided (or agreed to be provided) in the taxable territory. Thus, the taxability of a service will be determined based on the place of its provision. For determining the taxability of a service, therefore, one needs to ask the following questions sequentially:—
None of the provisions provided for personal penalty on partners / proprietor of the firm. However, section 77 talks of any person but such expression ‘any person’ does not imply more than one person or ‘firm as well as partner’ for the same offence. If it is meant to be such, it may result in double penalty or even more.
Section 86 provides a second stage appellate platform for making appeal against the orders under section 73, 83A or 85.
Section 128 of the Companies Act, 2013 provides for Maintenance of books of accounts under the new Companies Act. The erstwhile corresponding section 209 on Books of accounts to be kept by company of Companies Act, 1956 dealt with the books of accounts required to be maintained to give a true and fair view of the state of affairs of the company or branch office and to explain its transactions and also specify the place of keeping and period for which such books to be kept by the company.
