I. INTRODUCTION

II. EXECUTIVE SUMMARY

III. DETAILED SUGGESTIONS

1. Amendments in Service Tax Rules and Point of Taxation Rules, which are effective from 01 .04.2012

2. Amendments in Statutory provisions which will be effective from the enactment of Finance Bill, 2012.

3. Amendments in Section 65B – Interpretations – effective along with negative list based taxation.

4. Amendments in the Section 66D – Negative List of services – effective along with negative list based taxation.

5. Changes in the Section 66E – Declared services – effective along with negative list based taxation.

6. Changes in the Section 66F – Principles of interpretation – effective along with negative list based taxation.

7. Changes in Service Tax (Determination of Value) Rules, 2006 – effective along with negative list based taxation

8. Services earlier exempted which are now not covered under exemption/negative list

9. Mega Exemption Notification – 12/2012 – ST – effective along with negative list based taxation

10. EST Registration Form

11. EST Return

12. Abatement Notification no.13/2012

13. Notification no.15/2012-ST

14. CENVAT Credit Rules

15. Works Contract (Composition Scheme for Payment of Service Tax Rules, 2007) Scheme

16. Service Tax Audit

OTHER SUGGESTIONS

1. Annual Maintenance Contracts

2. Service Tax on Renting of Immovable Property

3. Works contract service

4. Reimbursable expenditure /common expenses

5. Registration as a service receiver, even for single transaction

6. Revision of returns

7. Issue of show cause notice for recovery of service tax

8. Time limit for adjudication

9. Recording of statement

10. Search of premises

11. Stay by CESTAT

12. Powers under section 14 of the Central Excise Act, 1944

13. Tax Audit Report in service tax

14. Prosecution

15. Interest on delayed payment of tax

16. Disparity between interest payable by assessee and Department under central excise, service tax and customs

17. Chartered Accountancy Professionals in tax policy making body

18. Training of Departmental Personnel

19. De-linking of tax policymaking and tax administration

20. Retrospective amendments

21. Accountability of tax collectors

22. Appeals to High Court

23. Supplies to SEZ

24. Online E-filing of weekly information by major duty paying units

25. Audit Procedures

26. Benefit of Notification No. 108/95 CE and 6/2006 CE

Link to Download Post Budget 2012 memorandum on Indirect Tax by ICAI

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