Goods and Services Tax : The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to Jul...
Goods and Services Tax : As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to ...
Goods and Services Tax : Since the assessee has the option to take single registration for business verticals within a State, it will be imperative for the...
Goods and Services Tax : At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registratio...
Goods and Services Tax : Generally place of supply will be the place of recipient of service, if it is not available then place of supplier of service exce...
It is a very old tactic followed by the government that when the interpretation taken by High Court or Supreme Court on an issue is consistently held against the revenue, the best solution lies with amending the statutory provision or adding explanations to it. This is the strategy that the Modi’s government has adopted in this Budget also.
The Prime minister in his live Lok Sabha Session on 27 February said that they aim to eradicate the ‘grey area’ in the nomenclature so that the ambiguity in law can be eradicated and shackles of litigation can be clogged. One such amendment has been brought in Rule 14 which now finally brings a full stop to the yearlong battle between the revenue and assessee. By this articulation we wish to throw light on the same.
Recently, Our Finance Minister, Arun Jaitley has increased the rate of excise duty from 12.36% (Including Education Cess and SHE Cess) to 12.5% (without any Education Cess and SHE Cess) for most of the products. In addition to this, amendments have also been made in the exemption notification no. 12/2012-CE dated 17.03.2012.
The Budget 2015 has made amendments that that seeks to simplify the procedural aspects and put an end to the flimsy issues that have led to litigation in the past. One such issue that was frequently disputed by the revenue authorities was the availment of cenvat credit on the inputs/capital goods directly sent to a job worker without their being first brought to the premises of the manufacturer or provider of output service.
The 2015-2016 Finance Budget is was presented by Hon’ble Finance Minister, Arun Jaitley on 28th February 2015. This budget was show time for the NDA Government that whether the lucrative promises made by the Prime Minister in his election campaigns were just the mushrooming for gaining the votes or he actually aimed at bringing the reforms.
This article is an attempt to analyse the changes made in section 76 of the Finance Act which concerns with levy of penalty for non-payment or short payment of service tax for reasons other than fraud, collusion, wilful misstatement or suppression of facts with intend to evade payment of duty.
Budget 2015 delivered a staggering blow by hiking the rate of service tax from 12.36% (including Education Cess and SHE Cess) to 14%. Likewise, the rate of excise duty was increased from 12.36% (including Education Cess and SHE Cess) to a consolidated rate of 12.5%.
It is a regular practice of the government to follow tactics that are illusive and misleading. One of the tricks adopted by the government while increasing the rate of service tax is that during the Budget Speech, the Hon’ble Finance Minister announced increase in rate of service tax from 12.36% (inclusive of Education Cess and SHE Cess) to 14% (after exemption from Education Cess and SHE Cess).
The budget 2015 has also bought some additions to the reverse charge list. Altogether 3 services have been added to this list w.e.f. 01/04/2015 by notification no. 7/2015 dt 01/03/2015. These are: 1. Services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company”;
As the budget session 2015 is approaching, the nation is garnering its own expectations. The assessees falling under the indirect tax net are no different. Struggling with the high end compliances and to cope up with the difficult rules to adhere, they too are in need for some relaxation and simplification.
