Goods and Services Tax : Goods and Service Tax – GST was introduced on 1st July, 2017 with an aim to overcome all the loopholes of the earlier indirect t...
Goods and Services Tax : Attention! All graduates and aspiring finance professionals; fasten your seat belts as GST unlocks a whole new world of opportunit...
Goods and Services Tax : GST Constitutional (101st Amendment) Act’ 2016 contains the provisions which are necessary for the implementation of GST Regime....
Goods and Services Tax : The Empowered committee of State Finance Ministers has today released the much awaited model GST law June, 2016 for public debate....
Service Tax : The enabling provisions for KRISHI KALYAN CESS (KKC) are contained in Chapter – VI of Finance Act’ 2016. As per the provisions...
Goods and Services Tax : Short, crisp and problem-solving addition of our GST Book titled 'GST Ready Reckoner - 2023' Authored by CA Raman Singla at 25% Di...
Goods and Services Tax : Join Certification Course on GST Compliances, Excel For professionals, Income Tax and Customs, Import & Export by TaxGuru Edu at ...
Goods and Services Tax : Join Online Professional Development & Certification Courses on GST by TaxGuru Edu, an educational wing of TaxGuru to help you...
Goods and Services Tax : Now-a-days, all the practitioners are tied up with so many tax compliances in every month and hence they are not able to allocate ...
Goods and Services Tax : We are happy to announce the release of our thoroughly revised detailed book on GST titled A Complete Analysis on GST – November...
In this article, we have herein below summarized the amendments made by notifications in service tax law. Cenvat credit on Input Services has now been allowed for the services of transportation of goods by Rail (Other than transport of goods in containers by rail by any person other than Indian Railways). (There is an abatement of 70% for transportation of goods and passengers by rail, still the government allowed the cenvat credit on Input Services.) – S. No 2 of Notification.
There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services @ 0.5% on the Value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
In the definition of the term Service, sub-clause (ii)(a) of Explanation 2 is proposed to be amended to clarify that activity carried out by a lottery distributor or selling agents of the State Government under the provisions of the Lotteries (Regulation) Act, 1998, is leviable to service tax.
What would be the effective rate of tax in case of Partially exempted services i.e. abatement scheme under notification 26/2012? In this respect it is mentioned that the abatement scheme does not alter the value of taxable service but only alters the rate of service tax. Thus, in case of GTA services, wherein the abatement is 70%, for a service of Rs. 100, the service tax is to be payable at 4.2%.
The thrust of Modi Government towards clean India has made the government to impose Swachh Bharat Cess. With the objective of financing and promoting Swachh Bharat initiatives, enabling provisions were made in the Finance Bill’ 2015 to empower the Central Government to impose a Swachh Bharat Cess on all or any of the taxable services […]
Good news for Baba Ramdev…!!! Will yoga classes carried by charitable institutions for consideration be chargeable to service tax? Charitable trusts organise yoga camps or other fitness camps and they generally are not free for participants, as trusts charge some amount from the participants in the name of accommodation or participation. As donation is received […]
In this respect the issue which arise is that Whether the cenvat credit of education cess which is available on 31st May’ 2015 and cannot be fully used for the payment of service tax liability of May’ 2015, can be used for the payment of Service Tax?
1. Rule 4(1) of Cenvat Credit Rules’ 2004 amended with major impact (applicable e.f. 1st Sept’ 2014) This rule specifies condition for taking cenvat credit on Inputs. New proviso has been added in this rule which states as follows –
Goods Transport Agency (GTA) service is a misconception since its inception. The light of mess ignites more with its coverage under reverse charge mechanism. As per the provisions applicable for GTA Service, This service is covered under Reverse Charge Mechanism; therefore, the service tax liability is to be paid by the service recipient that being […]
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 […]
