Corporate Law : Amit Mundhra, FCA, ISA(ICAI) SALIENT FEATURES OF RAJASTHAN INVESTMENT PROMOTION SCHEME – 2014 (RIPS – 2014) 1. Applicability o...
Income Tax : In this article I am discussing the Service tax provisions in respect to the Services provided TO the Educational Institutions. An...
Service Tax : Taxation on educational institutions has always been a matter of various issues and disputes. I am summarizing below the provisio...
Service Tax : I am covering following points in this article- Valuation of service portion in works contract, CENVAT Credit availability in wor...
Service Tax : Service tax provisions in respect to Works Contracts have undergone major changes after introduction of new service tax regime. Wo...
Amit Mundhra, FCA, ISA(ICAI) SALIENT FEATURES OF RAJASTHAN INVESTMENT PROMOTION SCHEME – 2014 (RIPS – 2014) 1. Applicability of the Scheme a. New and existing enterprises making investment for setting up new units; b. Existing enterprise making investment for expansion; and c. Sick enterprise making investment for its revival d. Scheme Shall not be applicable […]
In this article I am discussing the Service tax provisions in respect to the Services provided TO the Educational Institutions. An illustrative list of services provided to Educational Institutions – Works Contract Services, Renting Services, Transportation, Security Services, Information Technology Services
Taxation on educational institutions has always been a matter of various issues and disputes. I am summarizing below the provisions under the Service Tax Laws as applicable to Educational Institutions as amended by Finance Bill 2013.
I am covering following points in this article- Valuation of service portion in works contract, CENVAT Credit availability in works contract, Point of Taxation in Work Contract Service
Service tax provisions in respect to Works Contracts have undergone major changes after introduction of new service tax regime. Works contract in itself is a very lengthy subject and law relating to Works Contract in Service Tax is available in a very scattered way. I am trying to summarize all the legal provisions relating to Works Contract in this new service tax regime in a series of articles. This article is the first one in the series.
Works contract is a deemed sale which involves the transfer of property in goods (whether as goods or in any other form) involved in the execution of the works contract. The concept of taxation of goods transferred during the execution of works contract has been a matter of great litigation over the period.
Rule 40 of Rajasthan VAT Rules governs the Works Contract Tax liability of the awarder which can be summarized as below. 1. Submit Information to VAT Department Awarder Shall submit information to his jurisdictional Asstt Comm or ACTO upon entering into a works contract exceeding Rs. 5 Lacs. Time limit for submitting of this information is within 1 month from the date of contract. Form VAT-40 is the form prescribed for submission of this information.
Service means any ACTIVITY carried out by a person for another for CONSIDERATION, and includes a DECLARED SERVICE, but shall not include; (a) An activity which constitutes MERELY, i. A transfer of title in GOODS or IMMOVABLE PROPERTY, by way of sale, gift or in any other manner; or ii. A transaction in money or ACTIONABLE CLAIM (b) A provision of service by an employee to the employer in the course of or in relation to his employment.
Rajasthan government has changed the rates of exemption fees relating to works contracts of various nature w.e.f. 01st April, 2012. This will have high implication on applications for exemption fees for works contracts made after 1st April, 2012. Following is an analysis of the same.
