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Excise Duty : CENVAT Credit on Canteen Services and House Keeping/Cleaning Services availed in office building are admissible to Assessee when s...
Cenvat credit in respect of input to be claimed within six months from the duty paying document with effect from 01.09.2014. [ Notification no. 21/2014- Central Excise dated 11.07.2014 ]- insertion of third proviso to rule 4(1).
Finance Bill, 2015 was passed in Lok Sabha on 30.04.2015 with certain amendments via notice of amendment dated 30.04.2015. In this article I have covered some of the amendment in Provisions related to Direct Taxes. Read- Lok Sabha approves Finance bill 2015
Change in Service tax Rate :- The Service tax Rate is being increased from 12% plus Education cess to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of service tax. Thus, effective increase in Service Tax rate will be from existing rate of 12.36% (inclusive of cesses) to 14%
A composite contract means a contract which involves transactions involving an element of provision of service and an element of transfer of title in goods in which various elements are so inextricably linked that they essentially form one composite transaction.
CA Sanjeev Singhal Changes in Cenvat Credit Rule 4(1) and Rule 4(7) after 10.7.2014 and its applicability with provision applicable before with respect to point of taxation- Rule 7 Rule 4(1) Cenvat credit in respect of input to be claimed within six months from the duty paying document with effect from 01.09.2014. [ Notification no. […]
The list of changes made in the Finance Bill are as under: 1) Unlisted securities and units of MF transferred between 01-04-14 and 10-07-14 shall be deemed to be long-term capital assets, if held for more than 12 months. 2) Long-term Capital Gains on Units of Mutual Funds transferred between 01-04-14 and 10-07-14 shall be taxable at 10% without indexation.
1. Rates of Income Tax, Surcharge and Cess – There is no change in the rate of income tax, surcharge , education and SHE cess. The rates for AY 2015-16 will remain the same as in AY 2014-15. 2. Income Tax basic exemption Slabs -enhanced . The new income tax basic exemption limits has been increased. The revised limits are as under:
Rule 9(1) of Cenvat Credit Rules prescribes that Cenvat Credit can be taken on the basis of ; Invoice of manufacturer from factory Invoice of manufacturer from his depot or premises of consignment agent Invoice issued by registered importer Invoice issued by importer from his premises or consignment registered with Central Excise
No Interest if wrong credit reversed on its own –In Emmellen Biotech v. CCE 2004 (163) ELT 172 (CEGAT), it was held that if Cenvat credit wrongly taken is reversed before issue of show cause notice, interest is not payable- quoted and followed in Hari Krishna Steel Corporation v. CCE 2006 (194) ELT 63 (CESTAT) – same view in Page Apparels v. CCE 2007 (208) ELT 108 (CESTAT) [Really doubtful since interest is compensation only].
Where the CENVAT credit has been taken [and] utilized wrongly or has been erroneously refunded, the same along interest shall be recovered from manufacturer or the provider of the output service and the provisions of sections 11A and [11AA] of the Excise Act or sections 73 and 75 of the Finance Act, shall apply mutatis mutandis for effecting such recoveries.
