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SERVICES PROVIDED BY RADIO TAXIS: Earlier, radio taxis were excluded from the purview of service tax by virtue of section 66D(o)(vi) of Finance Act,1994; However, in the Finance (No.2) Act, 2014, enacted on 6th August, 2014, the said section was amended & the radio taxis got deleted, resulting in levy of service tax thereupon. However, effective date wasn’t notified. Now, the same has been notified as 1st October,2014;
Direct Taxes have remained unfazed with a recalibration of tax slabs and increase in deduction and allowing higher amounts of investments. Indirect Taxes side also has seen some important changes. Advance rulings have been made available for resident private limited companies. Basic rate of excise remains same with minor changes in rates of duty in case of capital goods, consumer durables and automobile sectors. There are other changes like Customs rates have been rationalized, interest rate slab has been prescribed in service tax.
The Finance Bill, 2014 received assent from Hon’ble President on 6th of August 2014. The main impact of this budget leads to make the advertisements costly. As per Section 66D(g) selling of space for advertisements in print media is only falls under Negative List. The definition of “print media”as per Section 65B(39a) states as follows:
We are Enclosing herein below copy of Finance(NO.2) Act, 2014 assented by Hon’ble President of India. Download Download Finance(NO.2) Act, 2014 assented by President of India Submitted by –Sumit Grover Read Other Articles from CA Sumit Grover
GIST OF ALL AMENDMENTS IN INDIRECT TAX MADE BY BUDGET 2014 AMENDMENTS IN SERVICE TAX Amendment in Act Finance Act’ 1994 (Applicable from the enactment of Finance Bill. Section 65B, 66D and 67A to be given effect from the date to be notified by CG) 1. Section 65B – Definition of Metered […]
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.
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 Narender Modi Ji having assumed power on the slogan of good days to follow, the expectation from the Budget was exceptionally high.
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 […]
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 […]
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 media).
