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...
Cenvat Credit has been a highly sensitive issue since its inception. The assessees always attempt to avail credit of every possible input / capital goods / input service which has suffered the incidence of duty/tax by liberally interpreting their definitions.
Compounded levy scheme was introduced in the Central Excise Law with the duty of Rs. 10000/- per machine per month in the year 1994. The scheme was simple with reasonable amount of duty, as such a no. of manufacturers of stainless steel patta-patti switched to it. Later on this duty was increased to Rs. 15000/- and then to Rs. 30000/-.
Beware if you are the one illicitly holding the government revenue!!! Government is all set to severely punish the people contravening the provisions of Finance Act, particularly, when one collect the service tax and fails to deposit the same to government exchequer.
The concept of reverse charge was also prevailing in the positive list era where certain cases/services were specified where the service recipient was made liable to pay the service tax instead of service provider. However concept of partial reverse charge was introduced w.e.f. 1.7.2012
Section 73 of the Finance Act, 1994 relates to the issue of show cause notice and confirmation of demand. Under existing provisions where the appellate authority finds that the demand is confirmable on merits, however, extended period is not invokable, then the entire demand raised in the show cause notice is quashed.
Even if you are taking an accident victim to hospital, you will have to pay service tax before getting him admitted to hospital. This statement has come true by virtue of the budget, 2013 as announced by hon’ble finance minister on 28.02.2013.
In previous budget, service tax law was shifted to negative list regime. Mega exemption notification no. 25/2012 ST dated 20.6.2012 was issued to prescribe the list of exempted services. In the current year budget, nominal changes have been done in this list. One such change has been done in the serial no. 21 of this notification which exempts certain services provided by a Goods transport agency. This article has tried to look into the implications of this amendment.
Under negative list regime, the service tax was introduced on restaurants, eating joints and mess which have licence to serve the liquor and facility of central heating or Air conditioning at any time during the previous year. However, this budget has removed the condition regarding the licence to serve the liquor.
Section 11A of the Central Excise Act, 1944 prescribes the issuance of show cause notice and other related provisions. In this section, sub-section 7A is inserted by Budget, 2013 to cover the cases of recurring nature where the show cause notices are issued on the exactly same grounds and allegations from time to time to the same assessees.
a new scheme has been introduced for defaulter – service tax assessees named as Service Tax Voluntary Compliance Encouragement Scheme. While announcing this scheme, it was said by hon’ble Finance Minister that there are nearly 17,00,000 registered assessees under service tax,
