Budget 2016 - Page 10

Excise on jewellery: CBEC invite suggestions on Procedural Issues

F. No. 354/48/2016-TRU 20/05/2016

Associations related to the Jewellery trade may send their representation by 28th of May, 2016 on the procedural issues related to the imposition of Central Excise duty on articles of jewellery in the Union Budget 2016-17....

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CG notifies various dates under Income Declaration Scheme, 2016

Notification No. 32/2016-Income Tax 19/05/2016

Central Government hereby appoints - (i) the 30th day of September, 2016 as the date on or before which a person may make a declaration under sub-section (1) of section 183; (ii) the 30th day of November, 2016 as the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in...

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Service Tax Abatement Rate Chart from 1st June 2016

Vide Union Budget 2016 government has made several changes to Service Tax Abatement Provisions and Abatement rates. Some of the changes were applicable from 01.04.2016 and some were applicable from 01.06.2016. in this Article we have compiled the abatement rate on Table Services, Taxable Value and Tax Rate after applying the abatement as...

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Full /Partial Reverse Mechanism Service Tax Chart wef 01.06.2016

Reverse and Partial Reverse Mechanism Rate Chart with effect from 01.06.2016 and The extent of service tax payable thereon by the person who provides the service and any other person liable for paying service tax for the taxable services. List been compiled after considering Amendments made by Budget 2016, Swachh Bharat & Krishi Kalyan ...

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Liability to pay tax on services by arbitral tribunal & its members

Circular No.193/03/2016-Service Tax 18/05/2016

Service Tax liability for services provided by an arbitral tribunal (including the individual arbitrators of the tribunal) shall be on the service recipient if it is a business entity located in the taxable territory with a turnover exceeding rupees ten lakh in the preceding financial year....

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Exemption to Services Provided By IIMS

Vide Notification No, 9/2016-ST dated 1.3.2016, w.e.f. 1.3.2016, following services provided by Indian Institutes of Management (IIMs) shall be exempt –Services provided by the Indian Institutes of Management, as per the guidelines of the Central Government, to their students, by way of the following educational programmes, except Execu...

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Posted Under: Excise Duty |

Tax on Royalty payable to State Govt on natural resource extraction

Question arises as to whether Royalty payable to the State Government on extraction of natural resource shall be considered as Service and accordingly service tax shall be applicable to a business entity on a reverse charge ? In this note we have analyzed the aspect of service tax payable on royalty with in-depth analysis as below :...

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Posted Under: Excise Duty |

Tax on Services Provided By Government Under Negative List

Wef 1st April 2016 any services, other than services covered under clauses (i) to (iii) of Section 66D provided by Government or local authority to business entities will be taxable and Service Receiver (Business Entities) are liable to pay service tax under reverse charge mechanism,except the services that are specifically exempted....

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Posted Under: Excise Duty |

Tax Planning in Krishi Kalyan Cess

A cess is a tax that is levied by the government to raise funds for a specific purpose. Collections from the Education Cess and the Secondary and Higher Education Cess, for instance, are supposed to be used for funding primary and higher and secondary education respectively. As per Article 270 of the Constitution, cesses imposed by the Pa...

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Impact on Service Tax after Finance Bill 2016 assented by President

Approved vocational education course‟ is to be incorporated inthe general exemption notification & exemption to specified educational services (Notification No.25/2012-Service Tax). Section 67A which provides for the ‘Date of determination of rate of tax, value of taxable service and rate of exchange’ has been amended to the effect ...

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Posted Under: Excise Duty |

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