Goods and Services Tax : Lift is not a machine , it is part of Building, is it true . is the ITC claimable on purchase of Lift . Let us discuss whether lif...
Goods and Services Tax : In GST, Rules 89(5) can not override the Section 54(3) The Rules were meant only for the purpose of carrying out the provisions of...
Goods and Services Tax : A company dealing in software does development of software and got the order from Thailand for development of software and along w...
Goods and Services Tax : Section 67 to 71 of CGST ACT,2017 explains the circumstances where in search, seizure and arrest can be done. Inspection and sea...
Goods and Services Tax : Partner salary, income from salary from Company and various other income interest on Loan and deposit , Interest on debenture ...
Excise Duty : CENVAT Credit on Canteen Services and House Keeping/Cleaning Services availed in office building are admissible to Assessee when s...
The Rules would have applicability in the following instances. Person who deals in cross border services. Person who have operations with suppliers or customers in the state of Jammu and Kashmir. Service provider operating within India from multiple location , without having centralized registration , will find them useful in determining the precise taxable jurisdiction applicable to their operations. Determines weather services are wholly consumed in SEZ to avail the outright exemption.
In cases where the service provider received any part of the consideration in non monetary form or by way of reimbursement , such item did not figure in the invoice raised, thereby depressing the real value of taxable service.
CA Sanjeev Singhal The Point of Taxation The rules were made applicable from 1.7.2011. The introduction of these rules has shifted the liability to pay tax from cash basis to accrual basis . Input credit can be availed on the basis of invoice when such invoice has been received. Basic Concept A] Associated Enterprises : […]
RULE 4: REGISTRATION – Three categories of person liable to get themselves registered under service tax namely:-a. Service Provider of taxable services under section 69(1) b. Person responsible for making payment of service tax as specified in Rule 2 (1) (d) read with section 68. They shall also seek registration under section 69(1) of Chapter V of Finance Act, 1994
1.Financial leasing services- 10% taxable -Financial leasing includes hire charges but excludes operating lease – The value of taxable service would be 10% i.e. abatement of 90% has been granted unconditionally. Taxability is defined as follows: -Interest chargeable to the extent of 10% -Principal amount not subject to tax
Service tax payable by builders – Composition scheme of 25% available to builders done away with?: As per Rule 2A of Service Tax (Determination of Value) Rules, as amended on 17-3-2012 composition scheme of payment of tax @ 25% on value of works contract of construction available to builder, where the total amount charged includes value of land. This rule is amended on 6-6-2012, which is to be effective from 1-7-2012, and provision relating to tax @ 25% of gross value has been deleted. It will be a big blow to builders. Service tax payable on flats will go up considerably.
