Budget 2014 - Page 2

Tour Operators: Cry Is Still On, Budget 2014 Partly Wiped Their Tears

The budget 2014 has arrived and the Hon’ble Finance minister has bought in several, if not many, changes in the service tax regime. In his endeavour to put the indirect tax laws in road to GST, he has avoided major changes but for small. However, these small changes have somewhat failed to meet the expectations of few sectors. ...

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Posted Under: Service Tax |

Salient Features of Finance (No. 2) Bill, 2014 / Budget 2014

The excitement over the Budget is usually high. Despite the fact that we have in India around 4 Crore tax payers out of a population of more than 120 Crore, still everyone has an interest in the Budget. The media, both print and electronic, and the financial sector add to this excitement. This time with the new Government headed by Shri N...

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Finance (No.2) Bill, 2014 enacted into Finance (No.2) Act, 2014

Finance(No. 2) Bill, 2014 has received the assent of the President on 6th August, 2014, published in the Gazette of India, dated 6th August 2014 as Act No. 25 of 2014.  Honorable President of India has assented to the Finance (No.2) Bill, 2014 on 6th August, 2014, with this  the Finance (No.2) Act, 2014 [No.25 of 2014 has […]...

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Posted Under: Service Tax |

Are You under scanner of Excise & Service Tax Department?

A new section 15A has been inserted in the Central Excise Act, 1944 w.e.f. the date of the applicability of the Finance Bill’ 2014. Further, this section has also been made applicable for Service Tax Law by virtue of Section 83 of Finance Act’ 1994. This is known as Information Return. A new concept of […]...

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Posted Under: Service Tax |

Service Tax Changes in Union Budget 2014-15

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 med...

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Posted Under: Service Tax |

​​Need for Shedding the ‘GAAR’ Weight

At present, the General Anti-Avoidance Regulations (GAAR) in India are set to kick in effective April 1, 2015. The Budget 2014 which was expected to recast and defer GAAR has remained silent. However, the subsequent announcement by the Finance Minister to revisit GAAR provisions in its current form and the effective date of its implementa...

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Posted Under: Service Tax |

Grossing up of Dividend for distribution tax

Grossing up of Dividend for distribution tax –  increase in effective Dividend Distribution tax rate of 3.47% The Finance (No.2) Bill, 2014 proposes to levy dividend distribution tax by grossing up the dividend payable for the purpose of computing liability towards dividend distribution tax. As per the existing provision of Section 115...

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Posted Under: Service Tax |

Rajya Sabha clears Finance Bill 2014

Finance bill 2014 Final was presented by Finance Minister Shri Arun Jaitley on 10th July 2014. The bill got approval of Lok Sabha on25th July 2014 with some amendments.  Now Rajya Sabha has cleared the Finance Bill 2014 on 31st July 2014. Finance Bill will comes into effect after President Approves it. So now bill […]...

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Rule 4 Of CENVAT Credit Rules 2004: Little Amendments, Big Impact

Budget of 2014 had become the talk of the town since the day Mr. Narendra Modi came into power as the Prime Minister of India. The veil on the most awaited Budget has been lifted. But there seem least changes in the indirect tax regime. However these little changes too might have a considerable impact on the assessee. This piece of artic...

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Posted Under: Service Tax |

Excise duty when goods are sold below manufacturing cost

Sale of goods at a price below manufacturing cost & profit now onwards will not be considered as exception to section 4 of C.EX Act,1944 i.e., price is not the sole consideration for sale (Rule 6) Notification.No.20/2014 C.E.(N.T.) date 11.07.14....

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Posted Under: Service Tax |

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