Budget 2016 - Page 21

Rate of Service Tax– Section 67A linked with POT Rules, 2011 to prevent disputes

The Point of Taxation Rules, 2011 (in short POT Rules) was introduced w.e.f. 01-04-2011 to define and determine the point of taxation (in short POT) i.e. point in time when a service shall be deemed to have been provided. The twin objectives was to bring certainty regarding due date for payment of service tax (on accrual basis) and to det...

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Posted Under: Service Tax |

Dilemma of Central Excise levy on Readymade garments

The Union Budget/ Finance Bill 2016 has introduced the levy of Central Excise duty on the readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 by withdrawing the exemption available to such goods. ...

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Posted Under: Service Tax |

Rule 7B of Cenvat Credit Rules, 2004– New concept for Multi-Unit Companies

Budget, 2016 has come up with some new provisions and concepts in the Central Excise Law. One such provision has been introduced in the name of rule 7B of Central Excise Rules, 2004 which has been framed on the same lines of input service distributor. This little article is about this new concept in the Central Excise Law....

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Posted Under: Service Tax |

Import of Goods at concessional Rate of Duty– Procedure simplified with A Demerit

The new rules namely, Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2016 shall come into force on 1.4.2016. As per new rules, following procedure is to be followed:-...

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Posted Under: Service Tax |

Input Service Distributor –Concept Simplified & Scope Widened

Budget 2016 has been introduced and it has bought some major changes in the Cenvat credit scheme by amending the Cenvat Credit rules, 2004. One such change has been introduced in the rule 7 which relates to the input service distributer. With a view to improve credit flows between different manufacturing / service locations, Rule 7 dealin...

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Posted Under: Service Tax |

Analysis of Service Tax Changes made by Budget 2016

Article Covers the Following Changes made by Finance Bill 2016 in Service Tax Provisions Related to:- Service Tax Rate, Chapter V Of Finance Act 1994 ( Service Tax Provisions), Service Tax Rules 1994, Exempted List Of Services, Point Of Taxation Rules 2011, Abatement Provisions, Reverse Charge Provision, Interest Rate For Delayed Payment ...

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Posted Under: Service Tax |

Changes in Central Excise Act, Rules & Cenvat Credit Rules, 2004: Budget 2016

Article Covers the Following Changes made by Finance Bill 2016:- 1. In Central Excise Act, 1944 2. in Central Excise Rules, 2002 3. in Cenvat Credit Rules, 2004 4. Miscellaneous Amendment Made to Other Rules and Related Notifications...

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Posted Under: Service Tax |

Registration Requirement & Excise Duty on Ready Made Garments

In my first part of the Article 'Excise on Ready Made Garments and Made Ups-Post Budget-2016' we had presented a brief note on applicable Central Excise with effect from 1st of March, 2016 on Readymade Garments and Made Ups. In this part, we are sharing further clarifications on the issue including who is to obtain registration under cen...

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Posted Under: Service Tax |

Infrastructure & Industrial Developments: Shout it out, India is flying – No doubt

Infrastructure and Industries, together they are amongst the few crucial areas of economy which determine the growth of a country by measuring the real development in their current state. Given the fact that investment in infrastructure is directly proportional to high economic growth; India has well utilized and encashed on the equation...

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Posted Under: Service Tax |

Issuance of Notice u/s 282A – Qua Clause 109 of Finance Bill 2016

Clause 109 of the Finance Bill, 2016 effective from 01st day of June, 2016 tabled in the Parliament by Hon’ble Finance Minister Sh. Arun Jaitely seeks to counter the licit deletion of the Explanation appended to section 66A of the Information Technology Act, 2008 thereby facilitating the issuance and communication of notices electronica...

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Posted Under: Service Tax |

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